Business

Colombo shares gain on policy direction

26 January 2015 - 127   - 0

The Colombo Bourse recovered on Monday after Friday’s fall with on Thursday amidst reports that the new government will appoint a new Securities and Exchange Commission (SEC) Chairman, widely believed to be Thilak Karunaratne, who held this post previously. The core All Share Index gained 0.21 per cent to record 7,291.48 by mid day with S&P SL20 index inclining 0.04 per cent to stand at 4,080.54. Turnover was at Rs. 207.1 million. Analysts added that more certainty on policy, impending change in SEC chairman, potential probe on corruption and irregularities in the share market are weighing on the investor sentiment positively. The coming week would be eventful as the first monetary policy review under the new government will be released on Jan 27 (Tuesday) while the ‘mini budget’ of the new government, covering four months of spending to April will be presented to the parliament on  Jan 29 (Thursday). These may remove some of the remaining uncertainties and may provide guidance especially in terms of the new administration’s policy framework, according to stockbrokers.

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