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by Ravi Ladduwahetty

Yesterday's trading at the Colombo bourse was dominated by the mid priced hotel sector stocks, with Eden Hotels (EDEN) being the pick. Heavy volumes amounting to 1.69 million shares were traded in EDEN at prices between Rs 21.75 and Rs 24 with retail investors continuing to be bullish on the stock.

Riverina and Connaissance were the day's top performers in the hotel sector, with both shares gaining over 18% amidst continued retail buying interest.

There was a parcel of 7,200 Riverina shares which changed hands between Rs.50 and Rs. 59 while there was a parcel of 319,000 Connaisance shares traded between Rs. 28 and Rs. 33.

Market analysts predict that demand will remain strong for hotel sector shares such as Light House and Taj, as Sri Lanka is forecast to enjoy record tourist arrivals this winter season, especially in wake of the England cricket tour scheduled for Nov/Dec 2003.

John Keells Holdings Ltd is believed to have picked up the majority of the 426,300 Asian Hotels shares traded yesterday at Rs 29.

After a steady start to the day, the All Share Index rallied to close up a provisional 18.3 points at 1,294.1 points as retail investors dominated the market. The Milanka Index followed a similar pattern, ending up a provisional 12.6 points at 2,411.4 points.

Turnover was a moderate Rs 280 million, reflecting the retail dominated nature of the day's trading. Foreigners however remained net sellers. Once again, shares in Sri Lanka Telecom (SLT) were heavily traded, with 1.74 million shares changing hands.

Widespread domestic buying interest was evident, both retail and institutional. The top gainers list was however headed by low priced stocks such as Lanka Aluminium (+49%) and Blue Diamonds (+30%) amidst retail speculation.

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