Colombo shares up despite political uncertainty

News

Colombo shares were up for the second day running on Tuesday at close ignoring a massive protest rally by the opposition United National Party in Colombo and other political tensions.

Analysts said that retailers were busy collecting low to mid caps shares while blue chips, led by JKH, dominated turnover with heavy foreign selling. Retailers collected small to mid cap stocks buoyed by the opinion that a new regime was taking over and it will be positive for the Colombo share market, analysts said.

The country’s dysfunctional ruling coalition fell apart when President Maithripala Sirisena sacked the Prime Minister Ranil Wickremesinghe last Friday and parliament was suspended till November 16.

All police leave has been cancelled and the army has been deployed in parts of the city as a show of state power and stability.

The All Share Index (ASI) was up by 0.34 cent by 11.30 am to stand at 5,964.32 points with S&P up by 0.8 per cent to stand at 3,083.20 points on a Rs. 981 million turnover. – (DEC)

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