Stock Market on recovery track

Hiran H. Senewiratne

STOCK MARKET: Investor sentiment at the Colombo Stock Market showed an improvement and most fundamental stocks gained attractive prices during yesterday’s trading, sources said.

The reason was that most bargain hunters in the industry picked up with the weeks performance in the market, Bartleet Mallory Stockbrokers (Pvt) Limited sources said.

By looking at yesterday’s performance, the market looked rather attractive compared to previous days, which is now on the recovery path. Further, certain stocks of good companies like SLT, Commercial Bank, Distilleries fetched good prices.

The stock market expects the recovery trend to continue for some time after the consistently fall of the market during the previous days, sources said.

Yesterday the market was able to secure a total turnover of Rs. 241 million and both indices, namely All Share Price Index ant Milanka Price Index went up. All Share Price Index went up by 24 points while Milanka Index by 35 points, showing some degree of investor resilience, during the day’s trading.

The number of shares traded was 5.4 million and main contributors in volume terms were Sri Lanka Telecom 1.2 million, LIOC.07 million and Ceylinco Insurance 0.5 million the sources added.

According to stock market analysts the market was mainly retail driven and most of the high network people and institutional buyers were rather quiet, given the country’s current condition.

Since the investor has become more resilient they are more interested in investing in stocks, converting the current week market situation into an opportunity.