Richard Pieris trade boosts market

The market closed with the ASPI shedding 6 points (-0.26%) to close at 2,465 points while the MPI, which tracks the most liquid stocks in the Colombo Stock Market, lost 14 points (+0.49%) to close at 2,935 points.

Total market turnover for the day was Rs 1,063 million driven by trades in Richard Pieris (Rs.566 million), John Keells Holdings (Rs.109 million) and Watawala Plantations (Rs.100 million).

Associated Motorways PLC released its results for the first quarter ended June 2008 showing an increase in profits of 411% to Rs.230 million from Rs.45 million in the previous corresponding quarter.

The company highlights that the special scheme allowing senior Government employees to import motor vehicles under a concessionary rate of duty helped boost the quarter's performance, and that similar increases in earnings cannot be expected. AMW closed the day at Rs. 174.50.

Source: First Guardian Equities