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ECONOMYEXT – Sri Lanka shares edged up in mid-morning trade on Thursday (10) continuing the momentum from the previous day pushed by John Keells, Colombo Stock Exchange data showed.

The main All Share Price Index (ASPI) gained 0.36 percent or 29.79 points to 8,323.29 at 1130hours.

Top gainers were John Keells Holdings, Commercial Bank and LOLC.

The market rose on Wednesday pushed by Keells following the news that it’s starting the construction work of its joint venture with India’s Adani Group to develop the West Container Terminal (WCT) in Colombo port.

Apart from this, analysts said foreign investors are buying into the JKH shares on the overall recovery mainly in tourism backed by its diverse portfolio.

The most liquid index moved up 1.22 percent or 30.92 points to 2,572.50.

The market generated a turnover of 1.7 billion rupees.

Overall, despite the momentum brought in by JKH, the overall market is still moving in thin volumes indicating the investors are still waiting for clear direction ahead of the 2023 budget that is scheduled to be presented to the parliament on Nov. 14.

Analysts say the market will remain bearish until the budget for 2023 is presented on November 14, but expect to see a bullish sentiment in January.

Investors are also concerned over the impact of local debt restructuring on risky assets, analysts have said as the market is waiting for a debt restructuring decision between the government and its creditors ahead of an IMF loan approval.
(Colombo/Nov10/2022)

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