Colombo shares firm but trend won’t last
2008-10-24 11:36:06

Colombo indices started on a positive note in early trade on Friday with many retail buying into stocks across the board, but stock analysts said this will not last.

“Yesterday’s substantial market fall (which caused shares to plunge) has attracted buyers to low-priced shares,” Vajira Premawardhana, Executive Director, Lanka Orix Securities said. He said that yesterday’s free fall has pulled shares down to attractive price levels. “However, this trend cannot continue as there is more selling to come,” he added.

A stock analyst said that sellers are holding back their selling quantities so that the buyers will push the prices up. “When this happens the buyers will come to the market (which will drop the market),” he said. The All Share was 29.67 points up to 1,844.67 in early trades with Milanka Index up by 42.63 points to 2,076.66. The turnover was at Rs 33 million at around 11.30 am.

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