ECONOMYNEXT – Sri Lanka stocks surged 2.1 percent Tuesday, with retail interest in banks driving demand, brokers said.
The Colombo Stock Exchange All share index closed up 237.31 points at 11,334.12 points, and the S&P SL20 Index of more liquid shares up 74 points (2.36 percent) to 3,253.22 points.
The market was driven mostly by retail activity and foreign investors were also quiet looking for direction, brokers said.
Commercial Bank up 3.10 rupees to 94.00, Melstacorp up 3.70 to 84.70, LOLC was up 17.50 to 402 rupees, Hatton National Bank was up 2.50 rupees to 150, and Ceylon Cold Stores was up 5.30 rupees to 57.50 contributed most to the index gain.
The broad-based rally saw 170 stocks gain while 20 fell.
Stocks have come down in the run up to the elections with fears over the continuation of prudent economic policies and monetary stability.
Sri Lanka saw a peaceful transition of power, but investors are still awaiting a firm policy direction. (Colombo/Aug24/2024)