Shares close at new high

Shares closed at a new high today, up 2.81 percent from price appreciation on high value and midcap stocks on low volume trading.

The All Share Price Index closed at 5,139.42, up 140.37 points, while the more liquid Milanka Index rose 2.70 percent (152.81 points) to close at 5,822.00. This is also a record high.

Turnover was 3.0 billion rupees, according to stock exchange provisional figures.

Brokers said that at the end of trade there were 125 gainers and 51 losers. Activity was seen across the board with participation from institutions, high net worth individuals and retail buying. The Colombo Stock Exchange said in a statement the market capitalization was also at a record high of 1.68 trillion rupees.

The ASPI has gained 1,753.3 points or 51.8 percent for the year 2010 to date while the MPI has gained 1,979.3 points or 51.4 percent for the year to date. The statement quoted Bloomberg News as saying the performance of the ASPI has made the Colombo Bourse the second best performing stock exchange in the world for the year 2010 to date. The Stock Market was named the second best performing Stock Exchange globally in 2009 as well. The economy is expected to grow seven percent this year and company earnings have already improved and are seen increasing further with lower inflation and interest rates.