Colombo shares up on thin turnover

Business

Sri Lankan stocks were up on Friday on thin turnover with analysts saying trades in John Keell’s Holding (JKH) propped the market up.

They noted that the rise in the indices is quite misleading in the backdrop of an unstable political environment. JKH share buyback is bringing the market up considerably, they added.

They said that the majority of local and foreign investors are staying away from the market due to the situation in the country.

There has been Rs. 100 billion outflow from both stocks and bond markets todate and a 17 per cent currency depreciation of the rupee so far this year.

“The situation looks pretty bad. In this backdrop it is hard to sustain the Colombo stock market rising,” an analyst said.

The All Share stood at 6,002.77, up by 0.17 per cent at close with S&P up by 0.28 per cent to close at 3,168.57 on a Rs. 241 million turnover. (DEC)

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