SEC turnover low [December 05 2008]

Investors remained on the sidelines, with turnover on the Colombo Stock Exchange collapsing to Rs 13 million - levels last seen in January 2002. Both indices were marginally down with the ASPI 3 points (-0.2%) to close at 1,604, whereas the MPI was down 4 points (-0.2%) to close at 1,802.

Top contributors to turnover were Commercial Bank (Rs 1.4 million) and Kelani Cables (Rs 1.2 million), with the market remaining highly illiquid. Economic fundamentals continued to sap investor confidence as concerns over high interest rates and deteriorating corporate earnings outweighed prospects for a final settlement to the ethnic conflict.

Major Asian markets were mixed with India’s Bombay Sensex up by 5.5%, while Singapore’s Straits Times Index flat. In Japan and Hong Kong, the benchmark indices were down 1%. Source: First Guardian Equities