Record performance at CSE

by Shirajiv SIRIMANE

With the economy performing to expectations and foreign direct investments hitting a record high, the Colombo Stock Exchange (CSE) too lived up to its potential with the All Share Price Index rising to an all-time high of 3,952.45 before closing at 3,939.62. The Milanka Price Index also reached its highest ever mark, closing at 4,524.99.

The turnover shot over a billion rupees with over 80 per cent domestic purchases to close at Rs. 1.149 billion while the share volume closed slightly over 33 million shares. The market capitalisation (total value) stood at Rs. 1,258.9 billion, the highest ever market capitalisation recorded at the CSE.

The CSE had recorded its highest ever market capitalisation of Rs. 1,220.9 billion on February 8, 2010. Its highest daily turnover of Rs. 33.4 billion had been recorded on April 1, 2008.

The bourse has gained 16.4 percent so far this year, making it Asia's best performing market.

Economic analysts said that with a firm government, more investments would come Sri Lanka's way as it would spur investor confidence.

Meanwhile, Minister of Environment Champika Ranawaka said they are confident that Sri Lanka would have its own natural gas and oil reserves in two years.

"We can see the first oil well in two years," he assured.

The Minister also said that they should take cues from the economies of Singapore, Japan and India and more public-private partnerships should be encouraged.

He also said that soon all citizens would have their own electricity and the government would not encourage more coal power plants. "Sampur would be the last power plant to be built with outsourced energy," he said.

Ranawaka emphasised that great environmental concerns were raised when coal-powered electricity plants were launched and that Sri Lanka has maintained international standards.

He said Sri Lanka would be looking at natural energy and green power would be the future with the Government exploiting the sea, wind and sun to exploit this energy.

He said the five main pillars of future development would be power, IT, ports and airports and an educated works force.

The near two-third majority given to the government would enable the stimulation of economic growth without hindrance and would lead the country to become the Wonder of Asia in the next four years.