05 October 2009

Sri Lanka's stocks Hit a New Intra-Day High Today

05th October 2009, www.lankabusinessonline.com

Sri Lanka's stocks hit a new intra-day high Monday with the benchmark all share index reaching topping 3067 points, helped by post-war optimism and low interest rates. The previous intra-day high of 3038.48 was reached on February 19, 2007 according to Bloomberg data.

On Friday stocks closed at 3018.01 points.

Colombo stock exchange is now the world's second performing stock market (up 103 percent) after Lima, which is up 108 percent.

Sri Lanka defeated Tamil Tiger separatists in May 2009, and the country emerged from a balance of payments crisis after floating the rupee in March.

The rupee has since been re-pegged at 114.80 levels to the US dollar.

Interest rates have also been falling and there has been strong foreign interest in government Treasuries.

In the interbank markets, excess liquidity has been high despite heavy sterilization of inflows by the Central Bank.

Treasuries yields have also fallen.

On Friday all bond maturities dropped below 11.0 percent with 6-year bond moving to 10.80/85 dealers said. Two year bonds are trading around 10.65/75 level.

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