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Stocks Surge Despite Downturn

Aug 19, 2010 4:09:39 AM - thesundayleader.lk

Despite a sharp downturn experienced last week the Colombo Stock Exchange once again surged to new highs this week. Yesterday the All Share Price Index once agan broke its previous recorded high and is now at the 5559 mark.

Several stocks rose at the ceiling level of 10%: Carsons, Aitken Spence Hotels and Galadari among them.Several other stocks rose at rates above 9%.

Analysts say investor confidence seems to have once again risen despite the setback suffered despite sudden regulations imposed on the market two weeks ago (trade volume shrunk to 69,150 from 116,498 last week). The regulations were imposed by the SEC (the main regulatory body) to curb speculative trades which it thought was ‘destabilizing the market.’

Stocks of firms which were suspended from trading (ERI, Blue Diamond and Touchwood) also appear to be recovering. Brokers recommend stable high value stocks for longterm investment.