Colombo shares gain up but won’t last
After Tuesday's free fall, Colombo's indices started on a positive note on Wednesday with many retail buying into blue chip stocks, but stock analysts said this will not last.
“Yesterday’s substantial market fall (which caused shares to plunge) has attracted buyers to low-priced shares,” Vajira Premawardhana, Executive Director, Lanka Orix Securities said. “Now some buyers have come to the market but this trend cannot continue as there is more selling to come,” he added.
The All Share Index was 33.31 points up to 1,773.86 in early trades with Milanka Index up by 61.92 points to 1,997.17. The turnover was at Rs 14 million at the time.