Colombo shares witness retailers cashing in

News

Colombo’s shares opened higher on Wednesday but later slipped on the 13th day of an extraordinary constitutional crisis, of which a resolution is not clearly evident.

Analysts say that retailers are now quick to make profits and with the rupee ending slightly weaker on Monday due to dollar demand for outflows in government securities, stocks slipped from its highs from previous sessions. Tuesday was a holiday for the Colombo Stock Exchange on account of Diwali.

The country’s political turmoil continues which newly appointed Prime Minister Mahinda Rajapaksa’s attempts to resolve is going nowhere which is another reason that retailers are cashing in, they added.

The All Share Index (ASI) was down by 1.09 cent by 10.40 am to stand at 5,995 points with S&P down by 1.93 per cent to stand at 3,128.94 points on a Rs. 112 million turnover. (DEC)

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