Monday, January 4, 2010

Sri Lankan shares CSE hit fresh record high on Monday

Sri Lanka stocks at fresh peak after doubling in 2009, led by local investor-buying of blue chips in the first trading day of the year, after being one of the world's best performing bourse in 2009.

The All-Share Price Index .CSE of the Colombo Stock Exchange climbed to 3,490.56 points by midday, surpassing its previous peak of 3,390.31 hit on Dec. 30. It closed 96.09 points or 2.84 percent firmer at a record closing high of 3,481.64.

"Investors are expecting a boom in the market this year," said Harsha Fernando, CEO at SC Securities in Colombo.

The bourse was closed on Friday for a special new year holiday and Monday is the first trading day in 2010.

Sri Lanka's stock exchange was one of the world's best performing markets in 2009, jumping 125.2 percent on optimism that the end of the country's long civil war in May would bring in a flood of badly needed foreign investment.

It has outpaced the benchmark emerging market equities index .MSCIEF, which rose 74.8 percent in 2009.

Low interest rates and slowing inflation have also fuelled foreign investor interest.

Source - COLOMBO, Jan 4 (Reuters)

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