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| Saturday, 18 October 2003 |
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SLT shares prop ASPI to highest level by Ravi Ladduwahetty Sri Lanka Telecom (SLT) rose Rs 2.50 to a life-high of Rs 29.25 in early trades, propelling the All Share Price Index (ASPI) above the 1,400 point level for the first time in its history during trading at the Colombo bourse yesterday. The share subsequently closed at Rs 28, on volumes of 5.3 million shares (accounting for 25% of the day's business), with strong local interest evident in the telecom star amidst speculation of strategic stakes being available at higher prices, analysts told the Daily News yesterday. Having risen to a new all-time high of 1,410 points in early trading on sharp gains in Sri Lanka Telecom, the market succumbed to a bout of profit taking with the All Share Index closing (provisionally) up only 1.2 points at 1,390.0 points. The more sensitive Milanka Index however closed down 22.4 points at 2,476.8 points on declines in most major blue chips. Foreign activity was modest and turnover recorded an average Rs 570 million. The banking sector eased 1.9% as financial sector heavyweights DFCC Bank (-5.3%), Hatton National Bank (-2.6%), Commercial Bank (-1.5%), Sampath Bank (-1.2%) and NDB Bank (-1.2%) fell victim to profit taking. Market analysts predict that financial institutions with bond trading expertise will release excellent third quarter results and point out that the Nations Trust Bank (NTB) has further upside potential as the bulk of its profits are from its fixed income securities trading subsidiary Waldock Mackenzie, while its portfolio quality is among the best in the sector. |
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