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| Tuesday, 28 October 2003 |
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by Ravi Ladduwahetty The Colombo stock market opened yesterday on a positive note, with the All Share Index hitting an intra-day high of 1,438.3 points, before closing down a provisional 3.1 points at 1,421.3 points on profit taking. The more sensitive Milanka Index also closed down 1.7 points at 2,571.1 points. Turnover for the day was a healthy Rs 649 million, with almost a third of it being accounted for through transactions on diversified blue chip Richard Pieris where over 2 million shares were traded which accounted for the bulk of foreign buying of Rs 222 million. Leading conglomerate John Keells Holdings (JKH) was subjected to Rs. 86 million of trading, with foreign selling being Rs 30 million on the stock. The share gained 1.5% to close at Rs 148.75 and analysts expect the blue chip to release strong results (before restructuring costs at subsidiary Ceylon Cold Stores) given the group's exposure to the booming tourism, finance and transportation sectors. Interest also remained high on Nations Trust Bank (NTB), which accounted for business worth Rs 68 million. Despite foreign selling of Rs 16 million, the share gained a further 5% to close at a new all-time high of Rs 45 on expectations of excellent results for the period ended 30 September 2003. The relatively illiquid Miramar Beach Hotel (+48%) and Colonial Motors (+38%) headed the winners list, the former also having announced a 1 for 4 rights issue at Rs 65. John Keells Limited (JKL) rose a further 10% to a new 12-month high of Rs 180. Commercial Leasing also gained 6% to Rs 70 and analysts expect the leasing specialist to release strong interims, benefiting from the declining interest rate environment.
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