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The profit-taking scenario at the Colombo Stock Exchange continued yesterday, but both indices showed a downward trend.

However, market analysts predicted a bright future for the stock market in the long run.

The All Share Price Index was down by 24.92 points ending the day at 636.6 points while the more sensitive Milanka Index declined to 1081.4, a drop by 53.67 points. The market turnover too dropped from Rs. 568 million recorded in the previous day to Rs. 345.8 million.

Market analysts said they expected the profit-taking scenario to continue, following the bull-run on Friday and predicted that the market to stabilise by the end of the week.

Among the top gainers yesterday were Indo-Malay, Ceylon Guardian Investing and Bukit Darah while Upali Investments, Richard Peiris Ltd, John Keells Ltd and Hayleys were among the top losers.

Foreign buying was Rs. 5.9 million while foreign selling accounted for Rs. 3.6 million. Although the figures were not impressive market analysts said they expected more foreign investments with the appointment of the new cabinet and Ministry officials.

"If the new Government could establish a new political culture favourable to the business sector, more locals and foreigners would invest in the coming weeks," a Market analyst said.

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