Bourse gains momentum

The bourse was resilient yesterday in the light of overall uncertainties with benchmark indices spurring life during the day with the expectation of favourable news from the SEC meeting.

Furthermore property sector rally sustained yesterday, displaying notable gains and heavy trading with high turnover on these counters. ASI closed at 6,819.90, up 69.71 points (+1.03 percent) while liquid MPI closed at 6,143.20 up 35.38 points (+0.58%) East West properties Plc was the top contributor to the turnover at Rs 258.4mn with heavy trading. EAST continued its rally today where the counter ended in the upper band with heavy buying pressure. Lanka Securities Research.

EAST closed at Rs 38.10, up Rs.3.40 (+9.80 percent). Moreover Seylan Development Plc (Rs.254.1mn) and Colombo Land & Development Plc (Rs.117.2mn) made notable contributions to the turnover. In addition Overseas Realty Plc, Laxapana Batteries Plc and Environmental Resources Plc demonstrated active trading. Foreign participation accounted to 9.4 percent of the total market activity. At the end of the day foreign investors were the net sellers with a net foreign outflow of Rs 210.3mn