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| Thursday, 2 October 2003 |
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Stock market : Hotels up, banks down by Ravi Ladduwahetty The stock market continued to witness retail buying interests when trading began yesterday, with the hotel sector stealing the limelight once again, accounting for 50% of the day's business. The day's top five gainers were all hotels - Marawila Resorts (+46%), Reef Comber (+31%), Stafford (+29%), Browns Beach (+24%) and Pegasus (+20%). The current bull run on the hotel sector, has resulted in the sector index skyrocketing by 81% during the past month. Banking sector heavyweights Commercial Bank, NDB and NDB Bank featured amongst the day's major losers. Analysts argue that the hotel sector has a further upside in view of record tourist arrivals, the English cricket tour in November /December with widespread positive publicity, both locally and internationally. While buying interest in hotels resulted in the All Share Index gaining a provisional 5.2 points to close at 1,297.6 points, the blue chip laden Milanka Price Index fell 16.9 points to a provisional 2,377.8 points as investors stayed away from banking sector stocks. Turnover was a healthy Rs 510 million, with foreigners being net buyers. The Elgin Fund continued to accumulate Sampath Bank, while foreign interest was also noticeable in Asian Hotels, with market sources suggesting the buyer was likely to be Raj Rajaratnam or his funds. Foreign selling was largely focused on John Keells Holdings and Nations Trust Bank. Apart from the hotel sector, major volumes were recorded in Sri Lanka Telecom (Rs 56 million), Asia Capital (Rs 33 million) and John Keells Holdings (Rs 20 million). |
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