Sri Lanka shares at six-week high on hopes of political stability
Sri Lankan shares hit a six-week high on Friday, heading for a seventh straight session of gains, on hopes of political stability after the Aug. 17 parliamentary elections.
At 0536 GMT, the main stock index was up 0.35 percent at 7,149.10, its highest level since June 5.
“People are taking positions as the elections get closer and with the uncertainty getting out of the way,” a stockbroker said on condition of anonymity.
On Tuesday, President Maithripala Sirisena criticised a comeback bid by Mahinda Rajapaksa and his own allies for backing the latter to become prime minister.
Analysts see Sirisena’s statement as a step towards strengthening his grip and likely to help the ruling coalition win at the polls.
The ruling United National Party (UNP) has formed a coalition with some other parties to contest the election. Political analysts say the alliance could increase the ruling party’s chances of winning.
The day’s turnover stood 1.06 billion rupees ($7.92 million) at 0536 GMT, in line with this year’s daily average of 1.05 billion rupees.
The Sri Lankan rupee was steady in dull trade as a state-owned bank maintained its dollar selling rate at 133.80 amid demand for the greenback from importers despite inward remittances due to Eid, dealers said.
“It’s a dull day. Not much of activity and the state bank is selling at 133.80,” a currency dealer said.
(Reuters)
Latest Headlines
- Corporal’s bravery in Ududumbara commended by the Sri Lanka Army Commander June 3, 2023
- Price of Litro gas to be reduced by Rs. 350? June 3, 2023
- Sri Lanka Government to relax import restrictions on nearly 400 items June 2, 2023
- Reform momentum must continue despite tentative signs of improvement in Sri Lanka Economy – IMF June 2, 2023
- Government’s objective is to develop Sri Lanka as a thriving nation by 2048 June 2, 2023
- Sri Lankan Rupee appreciates against U.S. Dollar June 1, 2023
- Professionals belonging to 14 categories required to register with Inland Revenue Department from June 01 June 1, 2023