Indices move up

With all eyes on the National Budget to be presented in Parliament tomorrow, the indices at the Colombo stock exchange moved up, albeit at a slower pace, with the ASPI gaining 34 points (+1.7%) to 1,962, while the MPI gained 56 points (+2.6%) to 2,225. Turnover of Rs 123.5 million was largely concentrated on a few stocks with Chevron Lubricants leading the pack (Rs 20 million), followed by John Keells Holdings (Rs 10.6 million) and Aitken Spence Hotel Holdings (Rs 5.7 million).

Gains were seen mainly in the plantation sector (+5%) with Namunukula Plantations up by 17% to Rs 25.25, Elpitiya Plantations up 16% to Rs 52.00, Horana Plantations up 11% to Rs 20.75 and Malwatte Valley Plantations up 10% to Rs 30.25. The sector previously lead the declines in the market with falling global commodity prices.

Asian markets all gained, driven to a fresh bout of optimism on the election of Barack Obama as the 44th President of the United States. Meanwhile Europe opened negative on disappointing results from ArcelorMittal and BNP Paribas and falling retails sales figures in the Eurozone.