Colombo indices climb; retailers back in the market
2008-11-03 11:30:27

Colombo indices climbed on Monday morning with many retailers active on stocks across the board as the market geared for this week’s budget, analysts said.

“There are some retailers back in the market and they are picking up shares for short term gains,” Vajira Premawardhana, Executive Director, Lanka Orix Securities said. “Now it seems that there are more buyers than sellers in the market with some forced selling by some stock brokering firms stopped. The market will sustain the high indices today,” he added.

Thakshila Hulangamuwa, Vice President Business Development, Asha Phillips Securities shared the same sentiments saying that with the world markets positivism that is on at present is being reflected in today’s market.

Market analysts also commented saying that JKH’s share buyback offer which opens tomorrow is ‘hardly’ anticipated by investors. The company early last month announced that it has decided to re-purchase 25.5 million of its ordinary shares at Rs. 90 each on a pro rata basis of one share for every 25 shares held. The share at midday trades stood at Rs 64.50 unchanged.

The All Share was 26.92 points up to 1,848.85 in early trades with Milanka Index up by 42.70 points to 2,074.27. The turnover was at Rs 24 million at the time.