Stock market climbed to its highest close since early October yesterday as investors bought into risky assets due to falling interest rates while foreign inflows into blue chips bolstered turnover.The main share index closed up 1.08 percent, or 62.81 points, at 5,875.28, its highest close since Oct. 3.
Fresh after witnessing a full year of volatility and challenges in 2012 with the benchmark All Share Index (ASI) closing down 7.1% at 5643, the Colombo Stock Exchange (CSE) is now poised to make a leap, predominantly backed by budgetary proposals and further monetary easing, according to leading stock broking & research firm.
Sri Lankan stocks ended slightly firmer at a 13-week high yesterday, led by diversified shares, while block deals in large caps pushed the day’s turnover even as foreign investors left what they see as an overbought market.
Sri Lankan stocks ended virtually unchanged yesterday, marginally down from a 13-week high, snapping seven straight sessions of gains as investors sold large caps, but foreign buying in conglomerates helped to boost turnover.
The Colombo bourse ended positively on the first day of trading in 2013, with both indices ending in the green territory, amidst large deals in the country’s biggest private bank, Commercial Bank of Sri Lanka (ComBank).
Germany’s DEG and Dutch state-owned development bank FMO will be purchasing 38 percent stake in Asian Alliance Insurance PLC (AAI), of which over 95 percent is controlled by Sri Lanka’s diversified Softlogic group.
Germany’s DEG and Dutch state-owned development bank FMO will be purchasing a 38 percent stake in Asian Alliance Insurance PLC (AAI) in which Softlogic group has over 95 percent.
Despite the boost brought in a by a surprise policy rates cut by the Central Bank last week, foreign buying in the Colombo bourse slowed during last week, a local brokerage said.
Sri Lankan stocks rose for the fourth straight session yesterday to nearly a one-month high, bolstered by a surprise rate cut by the Central Bank the previous day to support economic growth.
Stocks rose 1.82 percent to a three-week high yesterday after the central bank surprised the market with a 25 basis point rate cut followed by a reduction in yields on government securities.
Foreign investors will continue to invest in the Colombo Stock Exchange based on attractively low valuations of Sri Lankan equities particularly against regional emerging and frontier markets, according to a report from NDB Stockbrokers (Pvt) Ltd.
Sri Lankan stocks gained more than 1 percent yesterday to hit a two-week high, recovering from a three-month low, as foreign investors bought blue chips.
NDB Capital Holdings PLC (CDIC) is believed to have divested 5 % stake of Aviva NDB Insurance PLC (CTCE) today as a part of the Aviva- American International Assurance Company (AIA) deal which is expected to occur either today or during the course of the week, informed sources said.
Sri Lankan stocks slipped to a three-month low yesterday in thin volume as high interest rates weighed on sentiment with investors shunning risky assets and moving in to highyielding government securities.
Sri Lankan stocks ended weaker on Monday with turnover slumping to a near five-month low as high interest rates sapped investor appetite for risky assets while many investors were away from the market ahead of a holiday.
Sri Lankan stocks recovered slightly from an 11-week low yesterday to end a run of six consecutive session losses, but dealers said high interest rates continued to cloud the market’s outlook and kept turnover low.
The indices of Colombo Stock Exchange (CSE) continued its downward flight for the fifth straight day amidst lack of buying interest on the board, both local and foreign, despite most of the shares now trading below t heir intrinsic values, according to stock market analysts and brokers.
A report from credit ratings agency, Moody’s, has highlighted regulatory issues in the Securities and Exchange Commission (SEC) and growing tension between the judiciary and the government as posing downside risks to Sri Lanka’s institutional strength.
The Securities and Exchange Commission (SEC) of Sri Lanka released its roadmap for capital market development over the next three years yesterday.
Sri Lankan stocks eased to their lowest in eight weeks yesterday in light trade. Retail investors sold bank and finance shares but many stayed away, waiting for direction from next week’s budget and corporateearnings.
Issuing a media statement yesterday, the umbrella body for Sri Lanka’s brokering community, the Colombo Stock Brokers’ Association (CSBA) welcomed the change made by the SEC
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