Colombo shares gain sharply on renewed demand

News

After a topsy-turvy three days of trading in which Colombo shares rose and then fell, the Colombo bourse on Thursday saw renewed demand resulting in both indexes showing gains.

The All Share Index (ASI) gained by 2.7 per cent to close at 6,114.13 while the S&P rose by 4.4 per cent to end at 3,221.07 on Rs. 1.5 billion turnover.

Traders said the market has been mixed after President Maithripala Sirisena sacked Prime Minister Ranil Wickremesinghe last Friday and installed former president Mahinda Rajapaksa creating chaos and confusion in the country.

The bourse has seen foreigners selling out with the political scenario adding to the reason which earlier was due to a interest rate hike in the US, which saw funds pulling out from many emerging markets. On Thursday, unconfirmed reports said Parliament would resume on Monday, November 5 instead of November 16, a move that is likely to boost market sentiment tomorrow. (DEC)

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