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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Low rates push stock market to over 33-month high

Low rates push stock market to over 33-month high

Go down  Message [Page 1 of 1]

dhanurrox


Vice President - Equity Analytics
Vice President - Equity Analytics
Stocks hit more than 33-month highs on Wednesday, as investors bought into the country’s risky assets after yields in risk free treasury bills further fell after the Central Bank kept policy rates at multi-year lows.
Continued foreign buying also boosted sentiment.
The main stock index rose 0.22%, or 14.77 points, to 6,742.56, its highest close since 3 October 2011.
Yields in Treasury bills fell further at the Wednesday’s weekly auction.
“Though we don’t see a galloping market, it will be stable and positive,” said Hussain Gani, Deputy CEO at Softlogic Stockbrokers.
The Central Bank on Monday kept policy rates steady at multi-year lows for a sixth straight month, as expected, despite private sector credit growth slowing to a 4-1/2-year low.
The index is in the overbought region since 3 July as it has gained 5.71% so far this month, Thomson Reuters data showed.
Analysts said the profit-taking in the mid cap shares and penny stocks was overshadowed by the gains in large cap shares.
Turnover was Rs. 1.21 billion ($ 16.82 million), more than this year’s daily average of about Rs. 1.09 billion. Foreign investors accounted for 37.4% of the day’s turnover.
Foreign investors were net buyers of Rs. 326.3 million worth of shares on Wednesday, extending net foreign inflows in stocks to Rs. 9.79 billion so far this year.
Tuesday’s gains were led by Carson Cumberbatch, which rose 2.27% to Rs. 460.20 and Bukit Darah Plc, which gained 3.75% to Rs. 700.
Shares in the market heavyweight John Keells Holdings gained 1.03% to close at Rs. 244.90.
Lower interest rates have prompted local investors to buy shares and shift their savings from unattractive fixed assets, analysts said, as yields on Treasury bills edged down further at a weekly auction on Wednesday.
Analysts said foreigners have been buying risky assets because they see value in them, while falling yields in fixed assets gradually prompt local investors to shift to equities.
The market has been on a rising trend since late February due to continued foreign buying and lower interest rates.

http://www.ft.lk/2014/07/17/low-rates-push-stock-market-to-over-33-month-high/

stevenapple


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Thanks dhanu.
"Analysts said the profit-taking in the mid cap shares and penny stocks was overshadowed by the gains in large cap shares."
Very nice to see.

dhanurrox


Vice President - Equity Analytics
Vice President - Equity Analytics
@stevenapple wrote:Thanks dhanu.
"Analysts said the profit-taking in the mid cap shares and penny stocks was overshadowed by the gains in large cap shares."
Very nice to see.
There's one negative here.I don't like CARS,BUKI going too much.

stevenapple


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@dhanurrox wrote:
@stevenapple wrote:Thanks dhanu.
"Analysts said the profit-taking in the mid cap shares and penny stocks was overshadowed by the gains in large cap shares."
Very nice to see.
There's one negative here.I don't like CARS,BUKI going too much.

True. One possibility. At any time they can come down and change the color green to red.
BTW there are some selling counters like COMB, SAMP yesterday but still we end up in green zone. Cool 

Pethi

Pethi
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@stevenapple wrote:
@dhanurrox wrote:
@stevenapple wrote:Thanks dhanu.
"Analysts said the profit-taking in the mid cap shares and penny stocks was overshadowed by the gains in large cap shares."
Very nice to see.
There's one negative here.I don't like CARS,BUKI going too much.

True. One possibility. At any time they can come down and change the color green to red.
BTW there are some selling counters like COMB, SAMP yesterday but still we end up in green zone. Cool 

Hi S. apple, I am ready.... ! I have money in my hand 80%.I am waiting for mkt to go down now to re enter. it was a good run. hey???? who would re buy these levels now??? I am not...!

shadow walker

shadow walker
Vice President - Equity Analytics
Vice President - Equity Analytics
@Pethi wrote:
@stevenapple wrote:
@dhanurrox wrote:
@stevenapple wrote:Thanks dhanu.
"Analysts said the profit-taking in the mid cap shares and penny stocks was overshadowed by the gains in large cap shares."
Very nice to see.
There's one negative here.I don't like CARS,BUKI going too much.


True. One possibility. At any time they can come down and change the color green to red.
BTW there are some selling counters like COMB, SAMP yesterday but still we end up in green zone. Cool 

Hi S. apple, I am ready.... ! I have money in my hand 80%.I am waiting for mkt to go down now to re enter. it was a good run. hey????  who would re buy these levels now??? I am not...!

 cheers   cheers 
im too..
But im still holding few... JKH N .. SHL .. TKYO ..
yesterday i sold half of my PF..
Waiting to re enter..

stevenapple


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Pethi wrote:
@stevenapple wrote:
@dhanurrox wrote:
@stevenapple wrote:Thanks dhanu.
"Analysts said the profit-taking in the mid cap shares and penny stocks was overshadowed by the gains in large cap shares."
Very nice to see.
There's one negative here.I don't like CARS,BUKI going too much.

True. One possibility. At any time they can come down and change the color green to red.
BTW there are some selling counters like COMB, SAMP yesterday but still we end up in green zone. Cool 

Hi S. apple, I am ready.... ! I have money in my hand 80%.I am waiting for mkt to go down now to re enter. it was a good run. hey????  who would re buy these levels now??? I am not...!

True Pethi. It's a more concern about timeing of selling rather than buying at this stage.

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