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| Saturday, 3 January 2004 |
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2003, a memorable year for CSE Year 2003 was a memorable year for the Colombo Stock Market. The Colombo Stock Exchange (CSE) re-wrote almost all trading records during the year. Both indices, the All Share Price Index (ASPI) and the Milanka Price Index (MPI) recorded its highest ever points while the year's total trading turnover exceeded Rs 73 billion. The ASPI, which opened the year at 815.1, closed at 1,062.1 moving up by 247.0 points (30.3%). The ASPI recorded its highest ever point of 1,423.5 on October 23, 2003 surpassing 1,378.8 recorded on March 1, 1994. The ASPI recorded a growth of 601.3 points (73.7 percent) from January to October. The peace process, relatively stable political environment, foreign aid, low interest rate scenario, improved economic fundamentals and the increased listed company profitability had a positive impact on the bourse's performance. The phenomenal growth of the CSE's price indices prompted the -Fortune- Magazine to rank the CSE as the second best emerging market for the year in its September 29 issue. However the ASPI recorded a negative growth of 354.3 points (25 percent) from November to December amidst the prevailing political environment. The 15 percent tax on share transaction, to be implemented from April too had a negative impact on the market's performance. The MPI, introduced in 1999, recorded its highest ever point of 2,584.2 on October 31 moving up by 1,209.6 points (87.9 percent) from January to October. The MPI recorded a negative growth of 686.4 points (26.5 percent) from November to December recording a growth of 523.2 points (38.0 percent) for 2003. The CSE recorded a turnover of Rs 73.8 billion and an average daily turnover of Rs 307.6 million during the year. The previous highest turnover recorded was Rs 34.5 billion in 1994 and the previous highest average daily turnover was Rs 147 million recorded in 1994. In September 2003, the CSE recorded a total turnover of Rs 16.5 billion, the highest monthly turnover of its history. The Rs 4.8 billion turnover recorded on September 19 is the highest daily turnover of the Exchange's history. The Oil Palms sector recorded a 89 percent growth during the year while the Services and Hotels and Travels sectors recorded significant gains of 64 percent and 61 percent. Fourteen sectors recorded gains during the year while five declined. Foreign investors continued to be net buyers in the market for the second consecutive year with purchases of Rs 13,943 million and sales of Rs 13,734 million. A total of 21,440 new accounts were opened at the Central Depository System during the year with 95,878 deposits of share certificates as against 11,016 new accounts opened and 62,010 deposits in 2001. |
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