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| Tuesday, 1 July 2003 |
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Bourse activities slow down Activities slowed down on the Colombo Bourse yesterday with the ASPI decreasing by 2.5 points to 1,048.90 from 1,051.40. However, the Milanka index increased by 3 points to 2,062.50 points from 2,059.30 when the trading activities of the Colombo Bourse ended yesterday. The turnover was Rs.198.2 million. Yesterday's was the lowest turnover recorded in about two weeks. Stock analysts said that when the market started the ASPI increased by about 10 points and later came down and finally closed at 1,048.9 points. It was more or less a 'profit taking' situation', Angelo Ranasinghe of Bartleet Mallory Stockbrokers said. However, he expected more activities to take place tomorrow. "We don't expect the market to come down further." "We expect more investors to come into the market in this trading environment. Over the last two week's we have seen a bull run despite political differences and we are confident that the bull run would resume soon. The bull run may not necessarily be on the same pattern. But, the market has the potential to bull run again." He cautioned the investors not to panic at a time the market experiences a lower trend. "That's an opportunity for investors. They should look into low valued shares and sectors." A large number of shares of the Colombo Land, Commercial Bank Distilleries, JKH, Lion Brewery, LMF, NDB, NDB Bank, Seylan Bank, Seylan Merchant and Telecom were traded. However, more than 50% was contributed again by the banking sector. "There are several other sectors which have still not gained significantly. Investors should look into these sectors to create a major boost on the market," he said. Bogawantalawa Plantations declared a 10% final dividend and Richard Pieris announced a bonus of 1:4. |
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