|
|
 |
 |
 |
| Tuesday, 4 November 2003 |
 |
|
 |
Business | |
| News Business Features Editorial Security Politics World Letters Sports Obituaries
|
CSE plunges with LTTE's demand for autonomy; bargain hunters salvage bourse by Ravi Ladduwahetty Retail selling pressure in the wake of the LTTE's counter-proposals which demanded autonomous powers to rule the North-East for five years caused the market to fall sharply in early trading yesterday, market analysts told the Daily News. Having fallen 18 points in early trade, bargain hunters however supported the market, with the All Share Index closing down only a provisional 10.8 points at 1,405.1 points. The more sensitive Milanka Price Index (MPI) closed down 22.1 points, recovering from a drop of 36 points in the first hour. Turnover was moderate at Rs 434 million. The market's largest conglomerate John Keells Holdings (JKH) was the highest contributor for the day, with Rs 155 million worth of shares changing hands. Net foreign buying of Rs 33 million was evident in the share, which however closed down 1% at Rs 145.50 despite releasing impressive interim results for the period ended September 30, 2003. Colombo Dockyard (CDL) was the second largest contributor for the day with Rs 54 million of business being transacted. The Elgin Fund is believed to have been responsible for foreign buying of Rs 25 million, resulting in the share closing up 13.5% at Rs 27. Foreign selling worth Rs 28 million was also noticed in CDL, which has under-performed the market badly this year after reporting poor results. Market sources indicated that Raj Rajaratnam may have been among the sellers. Eagle Insurance (CTCE) was the day's major gainer, rising a stunning 30% to Rs 150 following yesterday's exclusive story in the Daily News highlighting its expected strong performance. In a weak market, rivals Union Assurance (UAL) and Ceylinco Insurance (CINS) also managed to close unchanged, as investor interest in the insurance sector rose ahead of HNB Assurance's IPO opening on November 4. Analysts expect CTCE and UAL to report record earnings this year and see further upside to both share prices. The investment trust sector recorded strong gains yesterday, with Carsons Group investment trusts Ceylon Investment Company (CINV) and Ceylon Guardian (GUAR) rising by 10% and 13% respectively. Analysts argued that both companies had large equity portfolios of blue chip shares at very low prices, and that they were sitting on substantial unrealised gains on shares such as John Keells Holdings, Cold Stores and John Keells Limited. |
|
News | Business | Features
| Editorial | Security
Produced by Lake House |
