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The Colombo Stock Exchange (CSE) re-bounced yesterday following a technical correction experienced throughout the week. The market warranted a correction due to the recent rally on Land and Property sector stocks.

The All Share Price increased to 1,441.69 points from 1,440.27 points on Thursday while the Milanka Price Index jumped to 2,150.30 points from 2,136.96. The day's turnover was Rs. 301,347,849.

The day's significant trading was JKH announcing its new subdiary "Keells Hotel" and would be listed in the CSE soon. Profit taking pushed down the Land and Property sector by 24.57 points (9.32%).

Bartleetmallory Stockbrokers said the recent surge in these stocks was largely based on higher asset values of some of the properties in the heart of Colombo City.

"Further, the relatively higher liquidity and low valuations of the above shares have made them attractive among many investors. The sector is therefore poised to bounce back with investors expected to capitalise on the weakness," they said.

The demand for blue chip stocks was very selective with SLTL, JKH and NDB being heavily traded.

www.crescat.com

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www.Pathmaconstruction.com

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