ASPI reaches 6,000 point mark

All Share Index (ASI) gains 15.2 %:

H.D.H Senewiratne

The All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE), crossed 6,000 points yesterday morning and reached a small drop due to manifold reasons. But the market has a huge potential to reach great heights, its sources said.

The retailers-powered rally at the Colombo Bourse has had a positive impact on fundamentally sound blue chips, with those in the top 25 most valuable league in September offering high returns.

Though year to date the gains may still be depressed, in September the All Share Index gained by 15 percent and the Milanka by 17 percent, several blue chips have managed to do better. The fact that top stocks have gained greater credence to the rebound in the Bourse.

Top 25, Dialog Axiata saw its share price rise by 45 percent in September, followed by Vallibel One by 38 percent, Access Engineering by 36 percent and Commercial Leasing by 32 percent.

Four stocks Distilleries, PLC, NDB and Sampath Bank have seen over 20 percent price appreciation. A further seven stocks within the top 25 have seen their prices appreciate by over 10 percent. Premier blue chips who sold JKH had gained by 16 percent. The gains of some in the top 25 were despite losing in value in the last week of September.

In end September, All Share Index (ASI) gained by 15 .2 % and the active Milanka Index by 17.3 percent. With an average turnover Rs 1.6 billion, SEC Assistant Director- External Relations and Market DevelopmentThushara Jayaratne told Daily News Business.

“Therefore the month of September has been best performer on an average given the overall bearish performance,” he said.

“Bourse ended the September month, recording its highest monthly turnover for the year of Rs. 33.5 billion, capitalization was 15 percent while the net foreign inflow for the month of September was Rs 3 billion,” Jayaratne said.

In September has effectively reduced the ASI’s year to date negative return to 1.6 % with most analysts expecting the Bourse graduating to positive return area this week.

Sri Lanka Stock Brokers Association President Dimuthu Abeysekera said that at present, the market is moving slowly, but steadily due to the business attractiveness. Therefore foreign and local investors are repose to confidence on the market it has not record any undersold stocks, Abeysekera said.