Chairman of John Keells Holdings PLC Krishan Balendra said the stock market had ‘overheated’ in January and the recent correction did not reflect the change in fundamental values.
While addressing an economic conference in Colombo today (23), he stated that what happened in January in the stock market was not really reflective of the business value.
He said: “The market fell quite rapidly as it opened after the first lockdown. Then we saw gradual recovery, which reflect the recover in business. And also the lower interest rates and more liquidity in the market. What happened in January was not really reflected of business value. I think the market got carried away and there was a lot of speculations. The recent correction doesn’t reflect the change in fundamental values. It was in January the market got overheated. “
Source From biz.adaderana
Author: Biz Editor
#SriLanka #News #lka