Financial Times

Stock prices hit new high
Stock prices hit an all-time high last week, with the All Share Price Index on Thursday breaking through the previous peak of 1,378.8 points set in March 1994.
The ASPI rose higher on Friday to end the week at 1,390.03, propelled by fresh buying interest in Sri Lanka Telecom, the largest listed firm on the Colombo Stock Exchange.

SLT rose more than 4.7 percent, or 1.25 rupees, on Friday to 28 rupees, on 5.2 million shares, after brokers said the firm had got tax-free status from the government.

The Colombo bourse has risen 70 percent this year on optimism about the prospect of peace and an economic recovery following the ceasefire between the government and the LTTE.

"The year 2003 has been a brilliant one for the CSE with the Exchange surpassing nearly all its previously established records," a CSE statement said. "So far during the year, the ASPI has recorded a 70 percent growth, the highest-ever growth for the index in a given year while recording a total turnover of Rs. 55.89 billion, surpassing its highest-ever annual turnover of Rs. 35.5 billion in 1994."

The average daily turnover of the CSE so far for the year stands at Rs. 292.6 million, the highest ever average daily turnover for a given year. (The previous record was Rs 174 million in 1994). The Milanka Price Index (MPI) also has recorded a significant gain of 81 percent so far during the year.

"The ASPI has recorded an unprecedented gain of 244 percent from October 2001 to date while the Milanka Price Index has recorded a magnificent gain of 310 percent," the CSE said. The Colombo Stock Exchange was named the second fastest growing emerging market in the Fortune Magazine in its issue of September 29, 2003.

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