Caltex helps Milanka to gain

Channa Kasturisinghe

BOURSE: The market turnover was reasonably high yesterday but the indices headed in two directions. Buying interest in counters such as Caltex Lubricants, Lanka IOC, and Sri Lanka Telecom helped the Milanka Price Index to gain 10.18 points to close at 2909.49 points.

However, the All Share Price Index (ASPI) lost 4.85 points mainly due to a one-off transaction of James Finlay of which 1.05 million shares traded dragging the share price down to Rs. 180 from Rs. 210. The diversified company was the top loser yesterday moving down by 14.29 percent. However, the counter's contribution to the turnover was significant. The market turnover was 432 million and the ASPI closed at 2,315.42.

Lanka IOC gained Rs. 0.75 to close at Rs. 27. 50 with over eight hundred thousand shares being traded. Analysts said the news that the company is to sign a `subsidy settlement agreement' with the Government shortly would have created renewed interest among investors in the petroleum sector company.

They predicted that the share price would rise further in the coming days as the company is bound to make profits with the international fuel prices dropping sharply below 60 US dollars a barrel.

Investor interest was also high in Caltex Lubricants and its contribution to the turnover was also significant. Over 1.4 million shares traded and the share price moved up from Rs.77.75 to Rs. 80. Sri Lanka Telecom share closed at Rs. 20 gaining Rs. 0.50 with 1.07 million being traded. Over one million shares of Tokyo Cement was also traded yesterday.