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A three fold increase in the Stock Market expected

Jul 24, 2010 11:14:31 AM - itnnews.lk

Sri Lanka’s Stock Market is expected to see a near threefold rise in share sales in the second half from the first six months amid rising investor demand. The Colombo Bourse is the world’s second-best performer this year.

According to National Development Bank Plc, the recent high oversubscriptions of new issues show the liquidity that is available. Vajira Kulatilake head of investment banking at NDB Bank, the nation’s largest non- government corporate lender said there is a lot of hope and good sentiment as the war is now over.

The Colombo All Share Index has climbed 45 percent this year. It is the best performer after Mongolia among benchmarks tracked by Bloomberg as the end of the war spurred an economic recovery. Five Sri Lankan companies announced plans to raise 7.6 million US Dollars in initial share sales in the first half. Colombo-based retailer Odel Ltd. this month received demand for 63 times the 250.5 million rupees offered.

Sri Lanka is aiming to accelerate economic growth to 7 percent this year, the fastest pace in four years. Gross Domestic Product rose 7.1 percent in the three months ended March 31 from a year earlier, after gaining 6.2 percent in the previous quarter.