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Merchant Bank of Sri Lanka Ltd revised the MBSL Midcap Index January 2. The index which was launched in 1999 is revised every year.

The criteria for selecting the 25 stocks for the index remain unchanged and are:

(a) Middle range market capitalisation; (b) liquidity; (c) profitability.

The MBSL Midcap Index, which is computed by Merchant Bank of Sri Lanka Limited (MBSL), is aimed at the proper measurement of price movement of medium size companies, as the All Share Index (ASI) and Milanka Price Index (MPI) are highly sensitive to price movement of a few large companies.

The range for market capitalisation for 2002 was Rs. 200 million - Rs. 2 billion. With the stock market becoming more active this range is adjusted for the change in ASI annually. Accordingly the range of market capitalisation for 2003 is Rs. 290 million - Rs. 2.9 billion.

The revision has resulted in the replacement of seven stocks by new ones.

The additions to the Index are Richard Pieris Company Limited, Maskeliya Plantations Limited, Colombo

Land and Development Company Limited, Haycarb Limited, Nestle Lanka Limited, Chemical Industries (Colombo) Limited and Talawakelle Plantations Limited.

The outgoing stocks are Asian Hotels Corporation Limited, Bogawantalawa Plantations Limited, Ceylinco Seylan Developments Limited, Ceylon Grain Elevators Limited, Kelani Valley Plantations, Royal Ceramics Lanka Limited and Watawala Plantations Limited.

MBSL Midcap Index had the base as 1000 as at December 31, 1998 (which is the same as the Milanka Index). The index recorded a new all time high of 1852 on September 25, 2002.

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