Hopes of IMF Deal Pushes CSE to Seven-Week High
Posted 4,August

By Chehan Jayasuriya

In Local News

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The market at the Colombo Stock Exchange (CSE) gained for the third consecutive session on Monday, following President Wickremesinghe’s statement regarding an IMF staff level agreement.

President Ranil Wickremesinghe expressed his hopes of reaching a staff-level agreement with the International Monetary Fund (IMF) in late August, which will be followed by executive board approval in September.

Newfound hope about an IMF agreement brought about positive investor sentiments.

The All Share Price Index gained 0.48% or 37.42 points to close at 7,786.57 points, while the S&P SL20 dropped 0.13% or 3.27 points to close at 2,445.09 points. The day’s turnover was Rs. 1.8 billion, its highest since June 7.

Analysts said there was some profit taking in Lanka IOC on the news that the state-run Ceylon Petroleum Corporation (CPC) would revise fuel price late tonight. The CPC reduced the price of diesel by 10 rupees per liter later in the evening.

Hayleys PLC pushed up the ASPI along with Dipped Products and Aitken Spence. Hayleys gained 7.5% to close at Rs.78.40 a share. Dipped Products gained 12.7% to close at Rs. 37.20 a share, and Aitken Spence gained 2.8% to close at Rs. 95 a share.