Colombo stock market at 5-month high as investor sentiment becomes more optimistic
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The Colombo Stock Exchange (CSE) rose to a five-month high on Tuesday as local investor sentiment became more optimistic following positive news on the International Monetary Fund (IMF) bailout expected and the rupee strengthening, Sri Lankan media reported on Wednesday.
The CSE data showed the All Share Price Index (ASPI) increased by 198 points and crossed the 9,500-point level to close at 9,643 points. It last crossed the level five months ago, Xinhua news agency reported.
The Standard & Poor's Sri Lanka 20 (S&P SL20) also gained about 31 points.
Turnover in the market was 3.4 billion rupees (about $10.5 million), involving 115 million shares.
The ASPI measures the movements of the overall market, while the S&P SL20 follows the performance of 20 leading publicly traded companies listed in the Colombo Stock Exchange.
Sri Lanka's stocks lost 30.5 per cent in 2022, the Colombo Stock Exchange data showed.
However, with the South Asian country expecting to receive the IMF bailout package and the rupee appreciating against the U.S. dollar, the stock market is expected to gain, the financial press reported.
