Sri Lanka’s ASI increases 94 points in first half day of trading following new President’s victory
Sri Lanka’s All Share Index (ASI) has reportedly increased 94 points or 1.56 percent to 6,117 points in the first half of the day of trading following the election of the country’s seventh Executive President Gotabaya Rajapaksa.
The local media has reported that stock indexes were up across the board with index heavy John Keells Holdings showing a gain of Rs. 4.20 and last traded at Rs. 162.30.
In the banking sector Commercial Bank of Ceylon was up Rs. 2.00 to Rs. 171.90 while Sampath Bank was also up Rs. 2.20 at Rs. 171.90 at midday.
The Sri Lanka rupee has also recorded a strong opening at Rs. 179.60/75.
Meanwhile, the First Capital Holdings PLC of Sri Lanka in a statement has stated that post Presidential election, the company expects some sort stability on the political front making it extremely positive news for the stock market especially in this favorable low interest environment.
“General Elections is likely to be held afterwards over the next few months and may follow a similar drift in line with the historic trends in all previous elections. Favorable macro-economic environment is complemented by the political stability that is slowly getting created.”
OSL take:
The positive movements in the Colombo Stock Exchange is indicative of the growth in Sri Lanka’s economy. Sri Lanka’s business potential is on the increase along with the expansion of investment opportunities in the country. The positive growth in the key economic sectors islandwide has resulted in increasing business/investment opportunities in Sri Lanka. Also, Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country have made it an attractive business destination in the South Asian region.
| Article Code : | VBS/AT/20191121/Z_2 |