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Nov 14 (Reuters) - Sri Lankan stocks broke past a key psychological barrier of 7,500 on Friday to hit a 43-month high as investors picked up banks and construction shares on hopes of growth in those sectors.
Continued foreign buying, low interest rates and better earnings expectations also helped sentiment.
Sri Lanka's main stock index rose 0.29 percent, or 21.40 points, to 7,501.09, its highest closing level since April 18, 2011.
"Foreign and local investors are looking at the market and it's on the run, with low interest rates and high growth expectations supported by good earnings," said Reshan Kurukulasuriya, chief operating officer of Richard Pieris Securities (Pvt) Ltd.
Friday's turnover was 2.4 billion rupees ($18.3 million), well above this year's daily average of 1.42 billion rupees. Foreign investors net bought 192 million rupees worth of stocks. The bourse has witnessed foreign inflows of 18.06 billion rupees this year, exchange data showed.
Lanka Orix Leasing Co Plc rose 5.7 percent, leading the overall gains, while Union Bank of Colombo Plc added nearly 7 percent.
Shares of Access Engineering Ltd rose 2.3 percent.
Traders said hopes for a boost in the vehicle leasing and construction businesses helped those shares.
The country's central bank kept key policy rates steady for a ninth straight month in October, saying private sector credit growth was picking up and long-term lending rates were adjusting downwards. ($1 = 130.9000 Sri Lankan rupee) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Prateek Chatterjee)
www.reuters.com
Continued foreign buying, low interest rates and better earnings expectations also helped sentiment.
Sri Lanka's main stock index rose 0.29 percent, or 21.40 points, to 7,501.09, its highest closing level since April 18, 2011.
"Foreign and local investors are looking at the market and it's on the run, with low interest rates and high growth expectations supported by good earnings," said Reshan Kurukulasuriya, chief operating officer of Richard Pieris Securities (Pvt) Ltd.
Friday's turnover was 2.4 billion rupees ($18.3 million), well above this year's daily average of 1.42 billion rupees. Foreign investors net bought 192 million rupees worth of stocks. The bourse has witnessed foreign inflows of 18.06 billion rupees this year, exchange data showed.
Lanka Orix Leasing Co Plc rose 5.7 percent, leading the overall gains, while Union Bank of Colombo Plc added nearly 7 percent.
Shares of Access Engineering Ltd rose 2.3 percent.
Traders said hopes for a boost in the vehicle leasing and construction businesses helped those shares.
The country's central bank kept key policy rates steady for a ninth straight month in October, saying private sector credit growth was picking up and long-term lending rates were adjusting downwards. ($1 = 130.9000 Sri Lankan rupee) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Prateek Chatterjee)
www.reuters.com
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