REFUGEE

Defeating of terrorism and proven political stability in the country has paved the way for the growth of the economy, Securities and Exchange Commission (SEC) Chairman Udaya Sri Kariyawasam told the Asian Tribune.

The SEC Chairman said that the reduced interest rates and declining inflation are the major factors for this bullish trend and the Colombo Stock Exchange is reaching new high with more local investor participation.

Market capitalization at the Colombo Stock Exchange reached record high yesterday (October 06) as it reached the Rs. 1 trillion (Rs. 1,000 billion) mark for the first time in Sri Lanka’s history.

Commenting on the trend, SEC Chairman Kariyawasam said that the handling of the country’s economy has been transformed into a methodical and efficient system from various irregular models.

All-Share Price Index of the Colombo Stock Exchange surged to 3,127.6 up yesterday (Oct 06) by 29.3 points, surpassing its previous all-time high of 3,115.25 recorded on Monday (yesterday), while Milanka Price Index rose to 3,547.3 up by 38.6 points.

The SEC also reported that foreign buying was Rs.147 million and selling stood at Rs.64 million. The total turnover was Rs 1,184 million.

Dialog telecom was the highest contributor for today’s turnover with Rs.136 million and share ended at Rs.8.75 up by 75 cents. Fifteen million Dialog shares had been traded and the ACL Cables was the second with a turnover of Rs.85 million. According to the SEC the share ended at Rs 80.75 up by Rs 6.75 and 1.1 million ACL Cables shares had been traded even yesterday.

The SEC Chairman also said that the growth of the Colombo Stock Market reflects the investor confidence on the country’s economy and it will also result in greater investments strengthening the country’s economy further.