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| Wednesday, 30 July 2003 |
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Foreign investors rally for blue chip stocks Buoyed by foreign investor confidence followed by a demand for the stocks of major blue chips, the Colombo Bourse recorded a significant turnover of Rs. 526.26 million yesterday. The ASPI increased to 1,048.30 points from 1,042.80 and the Milanka Index to 2,034.70 points from 2,032.4. Buyers went on a rally to pick shares of Aitken Spence, DFCC, Distilleries, JKH, LMF, NDB, Nations Trust, NDB Bank and Telecom. A parcel of 15.5 million shares of Telecom was sold yesterday. Commercial Bank sold 12.9 million shares to a foreign buyer who was rumoured to be Fund Manager Raj Rajaratnam, stock market sources said. A lot of foreign buying was also seen of Aitken Spence, JKH, DFCC and NDB shares. "They were all foreign to foreign transactions," the sources said. In yesterday's trading, foreign participation was the main attraction. "It was a very favourable situation and it will be a big encouragement for local investors too," Anjelo Ranasinghe of Bartleet Mallory Stockbrokers said. Foreign purchases accounted for Rs. 339.38 million while foreign sales were only Rs. 194.58 million. Domestic purchases accounted for Rs. 186.24 million and sales Rs. 331.04. Investors should look at shares of the companies which are fundamentally sound and which have paid good dividends to shareholders, Ranasinghe said. The state institutions should make use of this opportunity to invest in the stock market which will be a real positive approach for others to get into the market, he said. Several companies announced dividends: The Nuwaraeliya Hotels Ltd (20% second interim), Confifi Hotels (30% final) and Eden Hotels (5% final). The top five gainers were L B Finance, Keells Food, Colombo Land, People's Merchant and Samson International. |
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