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| Friday, 24 October 2003 |
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Colombo bourse scales further heights by Ravi Ladduwahetty The Colombo bourse saw new highs yesterday closing at a new record 1,423.5 points, a remarkable 35.4 points increase, amidst renewed domestic buying enthusiasm. The more sensitive Milanka Index also closed a phenomenal 91.0 points at 2,568.9 points, while the day's turnover recorded a strong Rs 1.3 billion. The All Share Price Index level and reached its highest ever point, while the Milanka Price Index (MPI) surpassed the 2,500 level for the first time in its history. The ASPI moved up by 35.4 points (2.5%) for the day and the MPI moved up by 91.0 points (3.6%) making it the first occasion when both indices reached an all time high on the same day. With the turnover of Rs 1.29 Billion recorded yesterday (the fourth highest daily turnover of the CSE's history) the total turnover recorded so far for the year reached Rs 60.0 Billion. The average daily turnover of the CSE now stands at Rs 308.1 Million. In 1994 the CSE recorded an average daily turnover of Rs 147 Million. The ASPI recorded an unprecedented growth of 74.6% for the year thus making the CSE one of the best performing stock markets in the world. This is the highest growth of the ASPI for a given year surpassing 61% growth recorded in 1993. The MPI recorded a significant growth of 86.8% for the year. Once again heavy local institutional and retail trading was evident on blue chip JKH with a quantity of 1.6 million shares changing hands, with the share closing at Rs 148.00, a 5.5% gain from the previous close. Foreign investors were net buyers of JKH to a total of Rs 24 million, market analysts told the Daily News. Following yesterday's exclusive lead story in the Daily News Business pages on the performance of John Keells Limited (JKL)'s stock broking division, JKL was among the highest gainers for the day. The share gained a further 16% to close at a new high of Rs 165, and analysts said the share should rise further once its excellent results were released. Investors chased after leasing sector shares, as the sector is doing very well at present. Specialist lessors Commercial Leasing (+16%), Mercantile Leasing (+9%) and LOLC (+10%) all featured among the day's top gainers, and market sources indicated that all leasing companies should release healthy results. The long- ailing plantation sector has also given a healthy turnover of Rs 508 million for the day. The highlight of the day was the sale of controlling stakes in Hapugastenne Plantations and Udupussellawa Plantations, previously managed by the James Finlays Group. It has been disclosed that the management company James Finlays Group has been the seller of both the plantation stocks, with brokers saying that some form of restructuring has been carried out. The star of the banking sector Nations Trust Bank (NTB) continued to set new highs, with Rs 73 million worth of business done yesterday. The share closed at Rs 43, and brokers anticipate the company to release exceptional interim results, benefiting from bond market capital gains. |
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