|Thursday, 26 June 2003|
by Chandani Jayatilleke
The Colombo Stock Exchange (CSE) rewrote the record books for the third consecutive day yesterday with a record Rs. 1.5 billion turnover - the highest ever turnover so far.
Earlier on Monday it recorded the highest turnover ever reported in its 105-year history of Rs. 896.5 million and improved further on it to Rs. 956.8 million on Tuesday - setting two records for the week.
The Bourse which has been increasingly active for the last few weeks continued its bull run yesterday by pushing its indices to a record high.
The ASPI rose to 1,100.10 points from 1,058.4 and the Milanka to 2,182.1 points from 2,070.9.
The banking sector was the most vibrant in yesterday's trading with many banks contributing significant slices to the turnover. NDB once again emerged as the top player to become the most liquidated and most favourite share as it did over the last few weeks, Hasitha Premarathne of HNB Stock Brokers said.
The banking sector made great strides again contributing over Rs. 757 million, over 50% per cent, to the turnover. The diversified sector contributed Rs. 262 million and the manufacturing sector Rs. 150 million. Domestic investors dominated the market to grab 80% of the day's turnover. Domestic purchases accounted for Rs.1.39 billion and sales Rs 1.25 billion while foreign purchases accounted for Rs. 191.562 million and sales Rs. 333.57 million.
Share market analysts said that this positive trend continued following the LTTE announcement that they are willing to restart peace talks soon.
"It was unbelievable and domestic investors went on a rally to buy and sell their stocks. Now they have got into a pattern which was quite similar to that of 1994 and more and more stocks are being traded every day," Angelo Ranasinghe of Bartleet Mallory Stockbrokers said.
"Investors have got into a cycle where they get out when they see reasonable gains and get in when there are good buys," he said.
The bullish trend continued following positive news on the political scenario and the reassurance given by international community during Prime Minister Ranil Wickremesinghe's visit to the UK.
The level of activity and number of transactions are moving fast. Encouragingly, there are more funds coming into the market such as institutional funds and fixed deposits.
"Over the last few weeks we have seen a large number of new investors coming to the market and we have also received many inquiries from various sections," he said.
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