Sri Lanka’s stock market surges to historic 9,000 level

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Sri Lanka’s Colombo Stock Exchange surged to a historic 9,000 points during trading on Tuesday and then eased back for the All Share Price Index (ASPI) to settle at 8,997.60 by the end of trading.

The ASPI gained by 11.16 percent on Tuesday amidst heightened activity, a reflection of how the market has reached tremendous highs in recent weeks. Turnover was a huge Rs. 10.8 billion while the S&PSL20 gained by 11.97 percent to 3.375.73.

Traders said the stock market is bucking trends as the economy is in crisis, interest rates are high, the country’s rating is at a perilous level while the country’s forex resources is at low levels – all negative factors for investor interest.

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