Stocks hit six-month highs

Interest in Colombo Stocks continued to soar as the All Share Price Index(ASPI) gained another 25 points (+1.3percent) on Wednesday to close at 1,893, a level last seen on November 7,2008.

The MPI which tracks the most liquid stocks was up even higher gaining 38 points (+1.9 percent) to close at 2,047.

John Keells Holdings continued to lead the way with the counter gaining another Rs 2.25 to close at Rs 77.75 on turnover of Rs 153 million. Ceylon Tobacco saw Rs 33 million worth of transactions executed with the share closing unchanged at Rs 120.00. It saw an intra-day high of Rs 123.00.

NDB Bank was another which saw considerable investor interest with the share accounting for Rs 27 million in turnover with the stock peaking at Rs 96 for the day before closing at Rs 94.00, up Rs 1.25.

Nations Trust Bank closed Rs 31.00, up Rs 1.75 on turnover of Rs 13 million. The bank’s warrants expiring in 2010 closed Rs 5.25 (up 45 cents) while the warrants expiring in 2011 closed at Rs 6.75 (gaining Rs 1.00). Turnover from the warrants were Rs 5 million and Rs 2.5 million. The warrants on expiry give the right to the holder to subscribe to NTB’s shares at Rs 30.00 (expiry 2010) and Rs 35.00 (expiry 2011).

The total turnover for yesterday was Rs 371 million, higher than the Rs 297million recorded on Tuesday.

Asian markets continued to be positive despite the Bank of America and Citibank disclosing that they may require further cash infusion, a figure of more than US$50 billion. Hong Kong’s Hang Seng Index was up 2.5 percent, while Singapore’s Straits Times Index was up 5 percent.

India though was down one percent. Uncertainty plagues the Indian capital markets with the Lok Sabha election in full swing with the fourth phase being held on May 7.

Source: First Guardian Equities (Pvt) Ltd