Friday, 31 July 2020 17:38

Discerning investors make full use of buying opportunity at CSE

With the recommencing trading at Colombo Stock Market, the discerning investors have made full use of the buying opportunity to benefit greatly as they saw the long-term benefits of the market. CSE Chairman Ray Abeywardena said.

The market continues to offer opportunities to those who have the capacity to buy and hold shares for a period of time to benefit from the true value of a long-term investment.

IThe stock market gained its momentum in May-June 2020 amidst the record of a mixed performance in the first five months of 2020, Finance Ministry announced.

The performance of the stock market has been adversely affected by the outbreak of the COVID-19 pandemic in a flagging global economic environment. Stock market activities have been suspended almost six weeks until May 11, 2020 due to lockdown of the country.

The stock market reopened in May 2020. All Share Price Index (ASPI) contracted by 8.7 percent to 4,847 points as at end of May 2020, compared to 5,311 points recorded as at end of 2019. SL&P 20 Index declined by 18 percent to 2,016 points as at end May 2020, compared to the same period in 2019.

The daily average turnover increased by 121 percent to Rs. 1,215 million as at end May 2020 from Rs. 551 million in the same period of 2019.

Market capitalization declined by 9.4 percent to Rs. 2,266 billion as at end May 2020, compared to Rs. 2,502 billion in the same period of 2019.

Foreign sales increased by 66 percent to Rs. 46,382 million as at end May 2020 from Rs. 27,899 million as at end May 2019 while foreign purchases also increased by 53 percent to Rs. 34,121 million as at end May 2019, recording a net outflow of Rs. 12,260 million as at end of May 2020.

(LIN)

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