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Only 5.1 million shares of Sri Lanka Telecom (SLT) were traded on the opening day, yesterday despite contributing Rs. 81 million of a total turnover of Rs. 151 million.

The day's trading commenced with the SLT share opening at Rs. 15.50 and closing at Rs. 16. There was a total of 1,498 SLT trades. Foreign purchases of SLT amounted to Rs. 3.9 million.

The only redeeming feature in yesterday's trading was the Colombo Bourse recording its highest ever market capitalisation of Rs. 197 billion, up 16 % from the Rs. 170 billion from Monday. Yesterday's market capitaisation also surpassed the previous best of Rs. 176.2 billion on March 1, 1994.

Market analysts attributed the low volume of SLT trades which was among 18 billion shares in circulation to a majority of shareholders investing on a long-term and that it was the retail shareholders who bought the share on a speculative and margin trading who sold the shares yesterday. They pointed out that it was futile for the shareholders to sell SLT at Rs. 15.25 in a backdrop where the minimum worth of this telecommunication stock was Rs. 15.30 which was inclusive of the 3% interim and final dividend which was declared for last year.

However, the analysts said that the day's trading was excellent with the SLT share showing remarkable resilience at Rs. 16.

The second biggest trade on the Bourse was the sale of a 632,500 slab of AMW shares at Rs. 53, yielding Rs. 33 million to the Rs. 151 million turnover. There were also 549,000 shares of Apollo trading between Rs. 17.50 and Rs. 18, aggregating Rs. 9.7 million to the total turnover.

The total foreign purchases accounted for Rs. 14.1 million and foreign sales were Rs. 5.6 million realising a total net inflow of Rs. 8.5 million.

The ASPI was up 2.28 points to 843.9 from 841.6 on Monday while Milanka reduced by 11.28 points to 1399.8 from 1411.1. Analysts attributed the decline in the Milanka index as some of the stocks listed have reduced in value.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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