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Govt. Props Bourse

Nov 20, 2010 2:25:08 PM - thesundayleader.lk

Government institutions such as the State administered EPF are believed to have had entered the market on Thursday by buying into blue chips across the board, thereby helping to push up the All Share Price Index (ASPI) by 92.58 points (1.43%) to 6,565 and the more sensitive Milanka Price Index (MPI) by 132 points (1.89%) to 7,801.71.
Turnover was Rs. 1.2 billion.
These pages, in its last week’s issue speculated that State administered funds such as the EPF would enter the market last week to give the bourse a thrust, after the stock market, the previous Friday, returned a low Rs. 648.1 million turnover figure.
Friday November 19 was a holiday because of President Mahinda Rajapaksa’s second term swearing in ceremony, though re-elected to power10 months ago on January 26.
The bourse in the first two days of last week saw the ASPI retreat by 127.64 points (1.9%) and the MPI by 174.52 points (2.4%) before Thursday’s bailout from Government administered funds, with retailers joining in the bandwagon. Wednesday was also a holiday because of Haj.
However, a conspicuous feature of the bourse these days is the absence of foreign funds.
Government administered funds may rejoin the fray tomorrow, depending on which direction the bourse will take, the sources said. Tomorrow is budget day. “If the bourse is on a losing trend, then they may move in again to try to prop it up,” the sources added.