ECONOMYNEXT – The Colombo Stock Exchange closed up on Tuesday, CSE data showed.
The All Share Price Index closed up 0.74 percent, or 79.82 points, at 10,871.81.
The S&P SL20 closed up 0.80 percent, or 24.51 points, at 3,071.02.
Turnover was at 1.9 billion, the highest since September 6, with John Keells Holdings Plc contributing 764 million of that.
Analysts said the market closed up because of positive sentiment from company earnings seen so far, and in the case of JKH, due to an investment.
Shares of JKH closed at 194.25, up 0.91 percent. Around 3.9 million shares of the company were traded during the day.
Hatton National Bank, Browns Investments and Sampath Bank and Commercial Bank were the other top gainers.
“Earnings in almost all companies, all sectors, are showing improvement in earnings on a quarter-on-quarter basis,” an analyst said, adding that “An evident pickup in economic activity has also been something of a confidence booster.”
Over the last week the market had been down with low turnover levels, on budget worries. There were some significant price declines in share prices.
“Could be bouncing back from that, with the good results that are coming so far, we are seeing a bit of a positive momentum.”
Foreign buying crossed 700 million rupees; there was a net foreign inflow of 300 million.
Yesterday (6), the CSE started regulated short selling with the first transactions recorded, the CSE said.
Some John Keells Holdings and NDB shares were traded, brokers said. (Colombo/Nov7/2023)