(September 29, Colombo, Sri Lanka Guardian) The Colombo Stock Exchange (CSE) surged recently to its highest level since May 2007, with shares in the tourism sector driving demand and outpacing the market's 2009 growth by more than two-to-one. The hotels and travel index hit an all-time high of 2548.34 points with a three percent gain. It is up 167 % in 2009, more than double the overall market's noteworthy return of 81.3 %. The CSE reported high on Sept. 8, 2009 was 2724. Turnover was reported at a two-week high of Rs.1.1 billion ($9.61 million), more than twice the 2008 daily average of Rs. 464 million.
The CSE is one of this year's best performers among Asia’s recovering economies. It has risen nearly 43 percent since the May conclusion of the 25-year conflict with the LTTE.
The market was buoyed further by several developments: The International Monetary Fund’s July decision to grant Sri Lanka a $2.6 billion standby loan; large scale foreign purchases of government securities; and an improved post-conflict sovereign credit rating.
The Colombo Stock Exchange noted that post-conflict tourist arrivals in June and July had picked up 10 % and 28 % respectively. The tourism industry, which suffered during years of unrest, expects 500,000 tourists this year. -Sri Lanka Guardian
Home Unlabelled Renewed tourism pushes stock market to two-year high
Renewed tourism pushes stock market to two-year high
By Sri Lanka Guardian • September 29, 2009 • • Comments : 1
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Colombo market gained significantly after war ended despite World Economic Recession. I expect Colombo Share market will reach All Time high before the end of this year.
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