The Colombo Stock Exchange began to recover after opening lower following Sri Lanka’s presidential election over the weekend. The All Share Price Index (ASPI) rose by 81.21 points, or 0.74%, reaching 11,047, while the S&P SL20 increased by 1.43%, or 44.27 points, to 3,146, with a turnover of 682 million.
Stockbrokers indicated that it’s too early to draw definitive conclusions, stating, “There’s nothing concrete yet, we can’t put a weight on any one fact.” They noted a general perception that the new government might adopt a more practical approach, with promises to cut expenditure and openness to suggestions.
Market participants are waiting to see how the government will address the needs of the capital market. The positive momentum from last week’s ISB deal is still influencing trading, with banking stocks performing well.
Sri Lanka’s new President Anura Dissanayake was sworn in at 10 am on Monday.