Financial Times

Stock market hits new high
The Colombo stock market hit a new high last week, with the All Share Price Index reaching 1,140.1, its highest point in nine years. The Milanka followed the ASPI and reached its highest-ever point of 2,185 the same day, Thursday, September 11.
The Colombo Stock Exchange recorded a net foreign outflow of Rs. 336 million for the day.

Brokers said there might be some profit taking this week. The Colombo Stock Exchange announced that the market also saw its highest average daily annual turnover of Rs. 222.7 million in 166 trading days this year, compared with Rs. 147 million for the whole of 1994.

Bartleet Mallory Stockbrokers said a record number of crossings moved the market on Thursday with 11 foreign to local crossings of NDB. Foreign selling was seen in NDB, Asian Hotels, Lanka Lubricants and DFCC.

DFCC Stock Brokers' Vice President Naren Godamune said the new peak was a demonstration of the overall confidence in the market and the economy. "With valuations at 12 times the earnings there's still more room for the market to go up," he said.

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