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Controls Restrain Bourse

Aug 21, 2010 3:08:57 PM - thesundayleader.lk

The bourse, affected by the 10% price ceiling on daily trading, and with no foreign investments in sight, saw the benchmark ASPI and the more sensitive MPI picking up by five and 13 points respectively on Friday’s trading (over that of Thursday’s close), according to provisional results.
Turnover was Rs. 2.5 billion led by Aitken Spence (Rs. 355 million), Asian Alliance (Rs. 347 million) and DFCC Bank (Rs. 181 million). On the previous day, due to share splits announced in Spence and a few Carson Cumberbatch companies, namely Ceylon Guardian and Ceylon Investments, coupled with speculation in some of Carsons’ plantation stock such as Bukit Darah, drove the market up. The market was mainly pushed up by Government administered stocks such as the EPF investing in the bourse, a market source said. Meanwhile the Securities and Exchange Commission is expected to come up with their response in regard to a request made by the stockbrokers to do away with the 10% cap and replace it with a circuit breaker system to check any perceived inordinate fluctuations in the market, this week.