Colombo shares start high on Friday

News

Colombo saw its share market start high on Friday mirroring early this week with analysts claiming there is retail play in mid cap stocks.

Shares were artificially pushed up by interested parties on the first two days of the week while Wednesday saw some selling. Thursday again saw renewed retail play on the back of President Maithripala Sirisena sacking Prime Minister Ranil Wickremesinghe without warning and swearing in the former president Mahinda Rajapaksa last Friday giving rise to chaos in local politics.

Analysts say that the Colombo Stock Exchange’s (CSE) climb since Monday to these levels cannot be justified much longer.

High networth investors were taking to their social media accounts hailing the rise. One such trader who made most of his money in 2011-2013 era said in his twitter on Wednesday: “CSE is flying high after so many years. ASI is up 121 points at 12pm.”

The All Share Index (ASI) was up by 0.67 per cent to stand at 6,154.83 points by 10.20 am with S&P up by 1.36 per cent to stand at 3,264.82 points on a Rs. 326 million turnover. (DEC)

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