Colombo shares boom ahead of bright prospects for economy

Colombo share market was 'positively ‘rocking’ on Thursday with investors across board toasting the military victory over the LTTE.

“The price movement and turnover levels are overwhelming,” one analyst said. JKH saw the highest turnover at Rs 200 million out of a total Rs 783.2 million in mid morning trades with brokers saying the momentum will sustain. “The index that is moving faster is Milanka as the blue chips are increasing at a swift pace,” the analyst said.

JKH, Touchwood and Hemas gained 15% in price with JKH at Rs 111 (up by Rs 15.50), Touchwood up by Rs 9.25 to Rs 70.75 and Hemas trading at Rs 89.50 – up by Rs 11.50 at mid morning. The All Share was 2,138.26, up by 102.66 points with Milanka pegged at 2.455.29, up by 203.59 points in mid-morning trades.

Another analyst said investors across board are participating in the market. He said that average share price levels increased by around 7% in the morning. “The positive momentum could be expected to persist in the next few days, though profit-taking could bring the prices down towards the latter part of the week. The confirmation of political stability in the country should continue to draw investors to the equity market,” he added.
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