Indices down
Investors remained on the sidelines, with turnover on the Colombo
Stock Exchange collapsing to Rs 13 million - levels last seen in January
2002. Both indices were marginally down with the ASPI 3 points (-0.2%)
to close at 1,604, whereas the MPI was down 4 points (-0.2%) to close at
1,802.
Top contributors to turnover were Commercial Bank (Rs 1.4 million)
and Kelani Cables (Rs 1.2 million), with the market remaining highly
illiquid. Economic fundamentals continued to sap investor confidence as
concerns over high interest rates and deteriorating corporate earnings
outweighed prospects for a final settlement to the ethnic conflict.
Major Asian markets were mixed with India's Bombay Sensex up by 5.5%,
while Singapore's Straits Times Index flat. In Japan and Hong Kong, the
benchmark indices were down 1%.
Source: First Guardian Equities
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