Share prices soar in Colombo
View(s):The Colombo stock market is experiencing heavy retail and high net worth individual (HNWI) trading with fresh cash being pumped into stocks with potential in the export markets.
Stockbrokers said that a fresh set of HNWI is in the market. Among them, vehicle importers who are stuck with the cash with the prevalent import restrictions on vehicles and vegetable importers unable to import are putting their money into the stock market.
Fast-rising Dipped Products was just outside top 25 highest market companies at number 28 after the 19 per cent gain on Thursday to Rs. 390.50. It is a hot favourite amongst both the retailers and HNWI, analysts said. Expolanka PLC, doing very well with their charter flight business is now in the 12th position of largest market cap stocks on CSE.
“Retail buying continues on small cap companies – mainly on companies with growth stories and fresh news on positive stories,” a stockbroker said.
The main index of the Colombo Stock Exchange, the All Share Price Index crossed the 6,000 mark on Thursday when it increased by 98.20 points or 1.66 per cent to close at 6,004.11 whilst the S&P SL20 Index also increased by 1.28 per cent or 29.57 points to close at 2,347.40 with the market recording a daily turnover of Rs.4.28 billion, the highest in recent times. (DEC)