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| Tuesday, 8 February 2005 |
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ASPI continues record breaking run The All Share Price Index gained a further 13.3 points to close above the 1,700 point level for the first time in its history at 1,701.4 points. The bluechip laden Milanka Index also gained a sharper 1.4%, driven by gains in market heavyweight Sri Lanka Telecom (SLTL). Asia Securities said that turnover, although down from last Thursday's record levels, was still a respectable Rs517 mn, led by contributions from John Keells Holdings (JKH), Lanka IOC and SLTL, with foreigners remaining net buyers. Despite some profit taking towards the end of trading and retail trading in speculative shares, the market is expected to remain firm in the short term, amidst the release of further strong 4Q2004 corporate results from companies such as Aitken Spence, JKH, ACL Cables and Lanka IOC. Investors are also advised to focus on the investment trust sector, which is expected to benefit from the soaring stock market, while also accumulating dividend plays such as Ceylon Glass and Ceylon Oxygen. Telecommunications (4.4%), Services (2.92%), Investment (1.9%) and Construction and Engineering sectors were the top gaining sectors for the day while Information Technology sector declined by 6.98%. Foreign investor were the net buyers in the market with purchases of Rs 127.0 Mn and sales of Rs. 86.6 Mn. Top gainers for the day included International Tourists, Lankem Developments, Blue Diamonds (Non Voting), Equity One and Three Acre Farms Ltd. |
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