Market continues upward trend

Channa KASTURISINGHE

COLOMBO: The stock market gained sharply yesterday for the second consecutive day ending the downward trend which prevailed since the LTTE attack in Colombo on Tuesday.

The All Share Price Index closed at 2,263.4 moving up by 48.2 points.

The Milanka Price Index also gained by 62.5 points to close at 2,861 points.

Yesterday's turnover level was also a healthy 471 million mainly due to bargain hunters being active specially interested in blue chip shares.

The market capitalisation which eroded considerably following Tuesday's attack recovered to Rs. 688 billion mainly due to the upward movement in the last couple of days.

Analysts said the investors have recovered from the initial shock caused by the terrorist attack and it is a healthy sign as far as future market performance is concerned.

The major contributor to yesterday's turnover was Dialog of which over 8.8 million shares changed hands and the share price moved up to Rs. 21.50. Over 1.4 million Distilleries shares were also traded yesterday.