Colombo stocks witness strong comeback

Business

Colombo stocks on Monday moved up with renewed buying activity mainly on the 'old favourites' with both indices up around 5 per cent and stronger turnover than the recent average.

On speculation that conflict-related disruption between Ukraine and Russia will increase freight rates, Expolanka PLC led quite a strong rally, stockbrokers said.

Browns Investments was a sought after share today. With strong speculation that CLC and LOFC will be merged in few days, investors ran both shares strongly.

Analysis said that valuations are attractive and as share prices came down the market Price to Earnings was around 11.

The All Share Price Index was up by 470 points to close at 11,577.94 and the S&P SL increased by 194.48 points to end at 3, 936.81 on a Rs. 4.2 billion turnover.