The performance of the Colombo Stock Exchange was seen to be so positive in the aftermath of the Rs. 84 billion collapse on Monday which prompted the Chairman of the Colombo Stock Exchange Kosala Gamage to tell Daily News Finance ‘Market direction will be seen soon’.
Gamage who is also the Managing Director/ CEO Lanka Securities Ltd, the share trading arm of the Bank of Ceylon, said that the Stock Market performance augured well for the future.
These comments were made, hot on the heels of the CSE reporting a Rs. 978 million turnover at a time when the trading took place for a mere 2 hours 11 am to1 pm, in sharp contrast to the earlier trading times of between 9.30 pm and 2.30 pm.
He also explained that the triggering of the circuit breakers were earlier due to the panic selling of some stocks which was there on month Monday and Tuesday which was not present yesterday, which would augur well for the future.
He said that the institutional investors and retailers should now start looking at the market very seriously, especially at a time when interests on deposits were down to 7% and at a time when the blue chips are providing with an annual dividend. A Rs. 978 million turnover was recorded yesterday where the ASPI gained 2.81% , which is the highest percentage gain since November 1, 1978 and the S and P SL 20 Index gained 2.59%, the highest gain ( 4%) since July 25, 2019 Colombo Stock Exchange’s Head of Market Development Niroshan Wijesundera told ‘Daily News Finance’ that the top five gainers yesterday were: Tess Agro 50%, Blue Diamonds- (NonVoting Shares)- 50%, Marawila Resorts – 37.5 %, SMB Leasing- 37.5%, SMB Leasing and RIL Properties- 37.5%, Softlogic Finance-26%, and Citrus Waskaduwa , Asia Siyaka, HVA Foods and Renuka Hotels- all four of which rose 25% each.
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