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The Colombo Bourse recorded the second highest daily turnover of Rs. 1.05 billion yesterday. The previous highest was Rs. 1.5 billion on June 25 this year. The ASPI increased to 1,091.9 points from 1,082.6 and the Milanka Index to 2,120.7 points from 2,093.5.

With yesterday's figures net foreign inflow so far this year reached the Rs 3.4 billion mark which is the highest-ever net foreign inflow for a year recorded in the Colombo Stock Exchange since it opened for foreigners in 1991. The previous highest was Rs. 3.2 billion in 1994.

Foreign purchases yesterday were Rs. 825.5 million while domestic purchases recorded Rs. 232 million.

DFCC was in the limelight with 2.5 million shares being sold at Rs. 300 which is above the market price of Rs. 270. According to the stock market report the DFCC share gained Rs. 13.00 from the previous close of Rs. 9.50. Stock analysts said that DFCC shares were sold in three parcels, contributing over 70% to the total turnover.

Foreign buying alone of the DFCC totalled Rs. 749 million. A 90% of DFCC buying was by foreigners. Foreign investors also bought JKH shares which were sold at Rs. 110 and Rs. 111 levels. In addition, 5.4 million shares of Telecom were also sold at prices ranging from Rs. 15 to Rs. 15.50.

There were increasing numbers of domestic buyers taking SLT shares. "There is a good value for SLT as a company which is consolidating itself in the industry."

It was also rumoured that SLT will soon tie up with the private sector telephone operator, Lanka Bell. Among the other mostly traded shares were Asia Capital (205,300), Asian Hotels (142,600), Bairaha Farms (390,900), Caltex (170,800), Distilleries (602,800), JKH (501,200), LMF (129, 400), Printcare (557,900) and Royal Palms (273,600).

Aitken Spence shares gained Rs. 3.25, Caltex Rs. 9.50, Central Finance Rs. 8.75, Printcare Rs. 6 and Regnis Rs. 5.75.

Hasitha Premaratne of HNB Stockbrokers said that the positive market sentiment should prevail in the Bourse for the next few months. However, there will be temporary ups and downs , he said.

Angelo Ranasinghe of Bartleet Mallory said that yesterday's trading was exceptionally good. "It was a very encouraging to see that foreigners were taking most of the shares and topping the turnover to billion levels," he said.

Five IPOs in line

Premaratne said that the four IPOs that are to be opened during September and October would boost the market further.

The IPOs to be opened include Hemas (Rs. 600 million), Sierra Cables (Rs. 240 million), HNB Assurance (Rs. 250 million), Uni Dil (Rs. 84 million) and Durdens. (CJ)

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