Historic day for Colombo Bourse
ASPI crosses 3,000 milestone :
COLOMBO: The stock market continued to record high turnover
levels and the indices reached new highs as investors chased
fundamentally strong counters yesterday.
The All Share Price Index surged past the 3,000 mark for the first
time in history as highly enthusiastic locals boosted the turnover to
reach an impressive Rs. 1.6 billion at the close. This was more than
three times last year's average daily trading volume of around Rs.400
Analysts said the present performance of the Colombo Stock Exchange (CSE)
is a sign of improved investor confidence due to positive political
developments coupled with strong corporate results.
The ASPI closed at 3,016.42 points gaining 22.65 points while the
Milanka Price Index gained 34.20 points to close at 4,194.34 points.
This surpassed the previous life closing high of 2,993.77 points hit on
Once again it was Sri Lanka Telecom (SLT) which mainly attracted
investor interest and the counter reached a high of Rs. 38.75 before
settling down at Rs.37.75. Over 8.1 million SLT shares traded during the
The company recorded impressive financial results during the last
quarter. Shares in Dialog Telekom rose 0.9 percent to Rs.28 while fuel
retailer Lanka IOC rose 5.15 per cent to Rs.35.75. Over 4.1 million
Dialog shares were traded.
Associated Motorways contributed to the bulk of the turnover mainly
due to a major shareholder of the company selling 2.27 million shares
amounting to a four percent stake. The buyer was the Employees Provident
The CSE in a press release said that the market has recorded an
average daily turnover of Rs. 776.8 million for 2007 till yesterday.
"This is a very healthy turnover level following the conclusion of a
very successful year 2006. If this trend continues the market will
conclude another record breaking year," Angelo Ranasinghe of Bartleet
Mallory Stock Brokers said.
"The market is very active on good earnings. Most investors are
picking shares looking at the earnings," said Reshan Kurukulasuriya,
vice president at DFCC Stockbrokers in Colombo. "There was buying right
across the board with good turnover," Kurukulasuriya said.
Colombo has remained one of the most vibrant stock markets in the
region in the last few years. The Colombo Stock Exchange rose more than
40 per cent during 2006 on solid earnings by local companies and
investors looking for better returns.
The rupee closed unchanged at 108.58/108.62 per dollar from Monday's
close. Call rates transacted in the brokers' market rose to 13.586
percent compared to Monday's 13.113 per cent.