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Lanka shares recover from 2 week low

20 January 2010 12:39 pm - 0     - {{hitsCtrl.values.hits}}

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COLOMBO, Jan 20 (Reuters) - Sri Lankan shares gained 1.41 percent from a two-week low on Wednesday as retail investors snapped up battered shares, dealers said.

The All-Share Price Index .CSE of the Colombo Stock Exchange closed 49.11 points firmer at 3,532.41 points, from its lowest since Jan. 4. It hit a record high of 3586.68 on Monday.

"Retail investors bought shares that have come down to attractive levels in the last two days," said Harsha Fernando, CEO at SC Securities.

Analysts said investors have shrugged of pre-poll violence with more than 700 incidents, including four killings so far reported ahead of Jan. 26 presidential election, due to hopes of better post-war earnings and a business environment.

However, some analysts said violence for a sustained period could dent investor sentiments and hinder tourist arrivals.

Sri Lankan President Mahinda Rajapaksa is facing a stiff challenge from his former army chief, Sarath Fonseka, who oversaw the defeat of the separatist Tamil Tiger rebels, at the next week presidential poll, which analysts see as an evenly poised battle.
 

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