Colombo shares gain after factoring policy rate hike

Business

The Colombo Stock Exchange opened lower on Friday reflecting the higher policy rates that were increased by the Monetary Board the same day by 100 basis points.

However, there was upwards momentum and it gained at the close as the market had already factored in the rate hike, analysts said.

There was buying interest on the back of cheaper prices with traders riding on a 'buy the dip' mentality, analysts added.

LIOC moved on the news that IOC will supply fuel to Sri Lanka with stockbrokers saying that there was large speculation on this share.

The All Share Price Index was up by 80.83 points to close at 11, 243.49 points and the S&P SL increased by 54.45 points to end at 3, 819.44 on a Rs. 3 billion turnover.

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