CSE on an initial high, whoever wins – Analysts
View(s):Colombo’s stock market was sturdy on Friday ahead of Sri Lanka’s looming Presidential election which was held on Saturday with analysts saying that Monday will see a high despite whoever wins, but profit taking will start right after.
“Whoever wins on November 16, it was always a pattern of being on a high and rallying, after which profit taking happens,” an analyst told the Business Times on Friday.
The Colombo Stock Exchange (CSE) major indices on Friday were up at about 0.7 per cent on fairly heavy turnover of Rs. 917 million. Analysts noted that foreigners who were on a selling spree will continue to do so. “Lately foreigners are on the selling side. It will be so for some time,” a second analyst said. He said that two sections of the local investors have been optimistic about a stock market rally after elections after their candidate wins.
“It’s a perception and this has helped the CSE to post gains on Friday,” he said.
(DEC)