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Sri Lanka stocks open higher after polls

ECONOMYNEXT – Sri Lankan stocks opened higher after early results in Monday’s parliamentary polls showed the United National Party-led ruling alliance had a clear lead and Mahinda Rajapaksa, the opposition candidate, conceding defeat.

Shares of trading and construction sector firms led the gains in early trade, brokers said.

Colombo’s bourse touched a seven-month high Monday with investors anticipating the return of a stable government with the UNP tipped to win the polls. The final rsults are yet to be declared.

There was some selling in construction and telecom stocks by investors who may fear the imposition of a retrospective tax.

Rajapaksa was ousted in the January presidential poll amid allegations of widespread corruption, abuse of power and authoritarian rule. 

Investor sentiment has been buoyed by low inflation and interest rates and higher corporate earnings.(Colombo/August 18 2015 – Update II)

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