Sri Lanka Stock Picks

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Friday, December 18, 2009

COLOMBO SHARE MARKET IS UP AGAIN - OVER 2 MONTH HIGH NOW

Sri Lankan shares gained 1.46 percent to an over two-month high on Thursday,(17/12/2009) led by renewed confidence of local investors, taking a cue from the recent heavy foreign fund buying in a market heavy weight.
The All-Share Price Index of the Colombo Stock Exchange closed 45.02 points firmer at 3,134.47, its highest close since Oct. 15. The bourse hit a record high of 3,157.11 on Oct. 15. "Foreign buying in the past few days is driving the market," Harsha Fernando, CEO at SC Securities, told Reuters.

Market heavyweight John Keells Holdings accounted for over32 percent of the day's turnover of 918.4 million rupees ($8.04million), mostly driven by local buying.

The 2008 daily market average was 464 million rupees. Keells had risen 3.9 percent this week till Wednesday's close. John Keells Holdings fell 0.16 percent to 160 rupees and analysts said some local investor booked profits in the share that hit a two-year high on Wednesday.

Top mobile phone operator Dialog Telekom closed up 3.7percent at 7 rupees, while conglomerate Aitken Spence jumped 8.11 percent to a record high of 1,000 rupees.

Analysts said the foreign buying in the past few days has improved investor confidence, which had been declining since the government announced an early national election next year.

source - www.dailymirror.lk