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| Saturday, 29 May 2004 |
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Colombo Bourse positive Selective buying on stocks, profit taking and speculations driven sentiments made the trading at the Colombo Bourse more active yesterday thus recording positive gains. Though the market maintained a resistant level during the last few days, the market acted on fundamentals yesterday signalling the trading would be more positive next week. The All Share Price Index rose to 1,316.82 points from 1,314.80 and the Milanka Price Index went up to 1,979.75 points from 1,963.97. Turnover for the day was Rs. 249,136,560. When recapping last week's performances, Bartleet Stock Brokers said the Colombo Stock Exchange (CSE) saw mixed investor reactions with the ASPI gaining 14 points (1%) while the MPI lost 11 points (0.05%). Market volumes were, however, on the upside with investors, both foreign and local already discounting the politically based rumours. As a result, the cumulative weekly turnover amounted to Rs. 819.00 million resulting in an average daily turnover of Rs. 163 million. The Chemicals and Pharmaceuticals sector topped the sector gainers list with a gain of 10.12%. Market analysts said the CSE could continue its upward momentum towards next week supported by favourable moves taken by the President and the LTTE to recommence the stalled peace negotiations. "However, the exact dates and the conditions of such negotiations have a not yet been finalised and the market would react favourably when these matters are clarified. The meeting of US, Japanese, EU and Norwegian delegates in Brussels on Tuesday and its outcome would have significant impact on the Colombo bourse. The same participants of the Tokyo donor conference are to meet on Tuesday to decide on the release of the pledged US $ 4.5 billion", they said. |
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