CSE - best performing market

The All Share Price Index (ASPI) broke records yesterday when the index closed at 3,098.2, the highest point reached by the Colombo Stock Exchange (CSE) index. The growth of the index for the year to date reached 106.1 percent at market closed yesterday.

Reuters yesterday said that the CSE is the best performing stock market in the world for the year to date CSE official said.

The Milanka Price Index (MPI) closed at 3,508.7 yesterday recording a year to date growth of 115.1 percent. The market capitalization of the CSE as at the end of trading yesterday was Rs. 994.5 billion.

We expect that the market capitalization will increase to Rs. one trillion soon, he said.

The market capitalization has gone up from Rs. 488.8 billion to Rs. 994.5 billion, the highest recorded in CSE history. He said that All Share Price Index has gone up to 1,192 points which is 62 percent after the war.

This has resulted due to the drop in bank interest rates and people regaining confidence in the economy of Sri Lanka, he said.

The daily transactions during the war period was 2,700 per day whereas it has now increased to 5,100 transactions per day, he said.

According to First Guardian Equities, the decisive end of the protracted conflict with the LTTE in May 2009 has contributed towards improvements of the country’s macroeconomic picture, lead to an increase in tourist arrivals and foreign fund inflows.

This has helped sentiment in the market to remain optimistic despite the economic turmoil in the rest of the world, especially in the US and Europe which are the country’s largest export markets.

Turnover for yesterday was Rs 1.06 billion coming from Dialog Telekom (Turnover of Rs 93 million, share closed up Rs 1.25 to Rs 8.25), Brown & Co ( turnover of Rs 84 million, share closed up Rs 2.25 to Rs 63.00) and ACL Cables (Rs 69 million in turnover, share closed up Rs 6.75 to Rs 74.75).

HP