Colombo stock market betters 2013 performance in first 5 months
View(s):The Colombo Stock Exchange (CSE) said on Monday that in the first five months of 2014, the market has outperformed its major indicators from the same 2013 period.
File picture of the CSE bell.
The All Share Price Index (ASPI) closed at 6,263.46 on May 30, a 5.9 per cent rise while the S&P SL 20 closed at 3,454.61 on the same day, with a 5.8 per cent increase, compared top comparative 2013 figures.
“The bourse has also proved to be an attractive avenue of investment, considering the prevailing Fixed Deposit interest rates of 5 to 6 per cent. Nearly 46 per cent of stocks have performed outstandingly, where 137, of the 293 listed, companies have given returns above 5 per cent; including 49 companies providing an increase in returns over 20 per-cent, 51 companies appreciating by price between 10 and 20 per-cent and 37 companies increasing in value by 5 and 10 per-cent,” the CSE release said.
The listing of new companies on the exchange is also gathering momentum within the business community, with seven companies listing and increasing the total number of listed companies to 293. In the first five months of the year, the CSE saw three equity IPO’s raise Rs. 2.6 billion, four debt IPO’s raise Rs. 5.5 billion and one equity introduction. The Rs. 2.6 billion raised through equity IPO’s is the highest since 2011.
The CSE under the Securities and Exchange Commission’s (SEC) 10-point market development plan is targeting more new companies in varied industry sectors to list and looks forward to adding more new listings in the second half of the year, it said.