Preference for fundamentally sound stocks

INVESTOR SENTIMENT: Many investors investing in stocks at the Colombo Stock Exchange (CSE) showed an interest in buying fundamentally sound companies today, due to the market’s weak performance, sources said.

The investor sentiment is still weak in the market, which is an opportunity for prospective investors to invest in fundamentally sound stocks, market analysts said.

Yesterday, the market was able to record a total turnover of Rs. 140 million and both indices including the All Share Price Index (ASPI) and the Milanka Price Index (MPI) showed a downward trend.

The ASPI was down by 8.47 points and the MPI dropped by 21.18 points. During the day, the total number of shares traded in volume was 5.8 million shares.

The heavily traded stocks were Ceylinco Insurance 241,000, SLT 409,800, Commercial Bank 830,000, Asian Alliance 284,000 and Seylan Bank (Non voting) 588,000. (HHS)