COLOMBO, June 18 (Reuters) - Sri Lankan shares jumped 2.61 percent on Thursday to become one of the best-performing bourses among the world stock markets after a global recession, with top bluechips hitting over one-year highs.
Turnover hit a record of 2 billion rupees ($17.5 million), more than four times last year's daily average of 464 million rupees, according to a bourse official.
The rupee
The bourse has risen around 59.9 percent so far for this year and 26 percent since the government declared victory in a near 26-year war.
Only China's Shenzhen Stock Exchange .SZSB has given a higher return this year among Asian bourses, according to Reuters data.
The bourse' performance is more than double of the benchmark emerging market equities .MSCIEF, Reuters data showed, and among one of the few global stock markets to have recovered almost all its losses since September.
The market fell 59.2 percent last year due to an intensified war and high inflation.
The Colombo All-Share Price Index rose 61.05 points to 2403.97, its seventh straight rise and the highest close since Sept. 1, with foreign inflows yet to pick up.
"There is some renewed foreign interest on John Keells shares," said Geeth Balasuriya, head of research at Acuity Stockbrokers. "IMF loan hopes and the interest rate cut also helped the market."
The central bank on June 10 said Sri Lanka's request for a $1.9 billion IMF loan is expected to be approved by the end of June, though IMF has yet to comment. [ID:nCOL430797]
Two central bank officials told Reuters the central bank had only asked for $1.9 billion, but said the IMF could increase the amount to $2.5 billion before finalising the package.
The central bank cut its policy rates by 50 basis points on Tuesday to boost access to credit and spur economic growth [ID:nCOL436423], while T-bill rates have steadily fallen and the benchmark 91-day T-bill was at 11.56 percent on Wednesday.
source by : Daily mirror
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