Rejuvenated Colombo traders seen collecting high valued stocks

The Colombo share market started on a positive note on Friday with analysts saying that high valued shares were the order of the day. The core All Share appreciated 0.89 per cent to read 7,103.60 points while the S&P SL index rose by 1.59 per cent to stand at 3,914.92 points on a Rs. 143 million turnover.   JKH, like yesterday was contributing most to the turnover by 10 am. Yesterday this share contributed about 65 per cent to the turnover, through negotiated deals on the stock. Today, high net worth and institutional investors were more active at early trading session. Following the 8 January presidential poll win by Maithripala Sirisena, investor response was buoyant but the rapid dip since the mini budget has caused grim concern after it imposed a one-time 'super gain tax' of 25 per cent on companies or individuals who earned over 2 billion rupees profits in 2013/2014. The shares recovered yesterday from a more than five-month low, with analysts saying this was directed mainly by banking stocks on bargain hunting.