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| Friday, 6 June 2003 |
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Investors ready for donor conference Shares rose sharply in busy trading on the Colombo Bourse yesterday with investors expecting the market to continue to gain strength. The ASPI edged close to 900 levels as it closed at 896.5 and the Milanka Index reached an all- time high of 1610.9. On February 5, 1995, the ASPI stood at 904.1 points, the last time it recorded over 900 points Turnover was Rs. 328.8 million. The bourse heated up with the expectation of a successful donor conference in early April, and since then, has recorded a rapid appreciation of 23% to date, a leading stock market analyst - Hasitha Premaratne of the HNB Stock Brokers said. Interestingly the market has seen the entrants of some new inventors, with strategic interests. This positive investor reaction, despite the LTTE's negative response to the government's latest proposals, shows their confidence towards the long-term peace. The donor conference has been viewed, as a justification of the high confidence placed by the international community, he said. "We feel that a successful completion of the donor conference would boost the indices further, but would not rule out a drip if, the event concludes with any hiccups. The indices have appreciated assuming a successful donor conference, thus the market could look overheated, if the donors express negative comments," Premaratne said. The blue chips have been of high demand as most of the strategic purchases were centered around these stocks. This shows the investor interest towards the fundamentally strong stocks, which have shown significant growth in the corporate earnings. John Keells holding which reported a 144% earnings growth during FY2002/03, appreciated 36% in share value since April 1. In yesterday's trading Aitken Spence, Caltex, Commercial Bank, Commercial Bank (non-voting), Hayleys, John Keells, HNB, NDB, NDB Bank and Telecom shares were in high demand, a spokesman for the Bartleet Mallory Stock Brokers said. He said that the net foreign inflow during the past few days have been significant. "We hope that this trend will continue in the market over the next few days," he said. Further NDB, which recorded a 101% growth in earnings during the first quarter, jumped by 24% since the same date. |
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