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| Tuesday, 6 January 2004 |
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2003 - A memorable Financial Year for CSE The year 2003 was a memorable year for the Colombo Stock Market. The Colombo Stock Exchange (CSE) re-wrote almost all the 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 the year 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%) during 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 performance of the bourse. The phenomenal growth of the price indices of the CSE 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%) from November to December amidst the prevailing political environment. The 15% tax on share transactions, which is to be implemented from April next year too had a negative impact on the performance of the market. The MPI, which was introduced in 1999, recorded its highest ever point of 2,584.2 on October 31, moving up by 1,209.6 points (87.9%) from January to October. The MPI recorded a negative growth of 686.4 points (26.5%) from November to December hence recording a growth of 523.2 points (38.0%) for the year 2003. Index performance 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 turnover of Rs. 4.8 billion recorded on September 19, is the highest daily turnover of the Exchange's history. Sector performances The Oil Palms sector recorded a growth of 89% during the year while the Services and Hotels and Travels sectors recorded significant gains of 64% and 61%. 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. Purchases and sales summary A total of 21,440 new accounts were opened at the Central Depository System (CDS) during the year with 95,878 deposits of share certificates as against 11,016 new accounts opened and 62,010 deposits in 2001. The new companies listed in 2003 are Sri Lanka Telecom, The Lanka Hospitals (Apollo), Land & Building Ltd, Hayleys MGT Knitting, Ceylon Leather Products Ltd, Hemas, HNB Assurance, Ceylon Hospitals and Housing Development Finance. |
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