Stock Market laughs in the face of reality November 15, 2006
Posted by brokennews in Business, Sri Lanka.2 comments
The Colombo Stock Exchange indices hit record highs and turnover surged to the highest level this year as the stock market continued to defy traditional economic and political indicators. Anil Senaratna, Head of Research at John Keells Stock Brokers commented, ‘Well, you would have thought that the breakdown of peace talks, the escalation of hostilities in the North, the prospect of significant tax increases in the forthcoming budget and the recent assassination of a high-profile Member of Parliament would perhaps dampen investor sentiment… but not in this country’.
Mr. Senaratna said, ‘We have run a series of statistical regressions to try and identify the real factors behind the market’s behaviour. From what we can work out, it looks as if the market is tracking Mahela Jayawardene’s batting average. We will have to watch his form very closely’.
