Bourse looks for direction

All Share Price Index closes at 7269.59 points:

Yesterday’s trading session at the Colombo bourse was positive and both indices moved up recovering from the market dip over the last few days.

The Colombo Stock Exchange All Share Price Index (ASPI) closed at 7269.59 points moving up by 153.98 while Milanka Price Index (MPI) closed at 6775.14 points gaining by 131.41 points.

The total turnover for the day was over Rs 1.5 billion. Apollo, Hayleys MGT, Three Acre Farms, Seylan Merchant non voting shares, Sathosa Motors, Serendib Hotels, Raigam Saltern, Lankem Development and Grain Elevators were the top grainers for the day.

The CFI, SIL, Trans Asia, Morrisons, Ceylinco Insurance non-voting shares, Kuruwita Plantations, Ceylon Leather, Central Finance and Selin Sing were the top losers.

The ASPI reaching 7000 point level is overcoming a psychological barrier and the fundamental valuation of the market is fairly poise. The market will hold on to the current level, Acuity Stock Brokers Managing Director and CEO Deva Ellapola told Daily News Business.

The market is looking for a clear cut direction. However, the volatility will remain.

The release of results by companies which is positive and profit taking is supportive and appreciative of the indices.

However, a continuous upward market trend is not yet shown, he said.

SJ