NDB, MLL stocks help boost the market

THE market started the week on a positive note with both the indices gaining considerably. The All Share Price Index closed at 2,196.47 an increase of 36 points and the Milanka Price Index gained by nearly 70 points to close the day at 2,839.76 points.

Market capitalisation rose to Rs.667 billion an increase of over Rs.11 billion as foreign interest continued to boost the market.

The market dropped in the first couple of days of the last week at a alarming rate due to signs of tension prevailed in the North as a result of the cease fire violation by the LTTE. But the market regained towards the end of the week.

Analysts said that yesterday's trade volume was largely contributed by 1.1 million foreign purchase of NDB shares. The share price increased by Rs.14 to close at Rs.228.75. There were speculation that the 2 percent stake was sold by the Employees Trust Fund.

The other contributor was Mercantile Leasing Ltd.(MLL) 3.1 million shares of which were sold yesterday probably by JKH. A consortium of investors believed to have bought this 15 percent stake of MLL. The share price closed at Rs.52 and increase of Rs.5.50.

The value of turnover yesterday was Rs. 591 million with a total number of 9,859,722 shares being traded. (CK)