Colombo Stock Market Goes Up

The benchmark Colombo stock index ended 0.12% higher at 6,538.25, its highest close since 1 June. The bourse gained 0.17% last week, snapping a three-week losing streak.

“Slow upward trend is continuing with the positive sentiment created after the IMF deal, but high interest rates are impacting the investor confidence,” said Dimantha Mathew, Head of Research at First Capital Equities Ltd.

“Today, the turnover was pushed up by some block deals.”

Turnover stood at Rs. 608.3 million ($4.21 million), the highest since 3 June, but still less than this year’s daily average of around Rs. 771.6 million.

Overseas funds offloaded a net Rs. 111.1 million worth of shares on Monday, extending the year to date net foreign investor outflow to Rs. 5.84 billion worth of equities.

Prime Minister Ranil Wickremesinghe told Parliament last week that the Government would take measures to abolish the Exchange Control Act and introduce a Capital Gains Tax soon, without giving any timeframe.

Shares in Carson Cumberbatch Plc jumped 5.34%, while Ceylon Cold Stores Plc rose 2.50% and Asiri Hospital Holdings Plc climbed 1.97%.

Conglomerate John Keells Holdings Plc was up 0.82%.