Market moves up marginally

The market picked up marginally as credit issues were resolved. The All Share Price Index gained .29% to 6870.92 while the Milanka Price Index rose .50% to 6209.24 on turnover of Rs. 1.79 billion. Net foreign sales were Rs. 285 million.

“The market picked up today with volumes coming from retail driven stocks,” Prashan Fernando, a stock broker at Acuity Stock Brokers, said, adding that sentiment improved. Market sources said there were expectations that the regulator may review credit conditions.

Among the large quantities traded were East West Properties, which saw 10.5 million shares trade contributing Rs.383 million. The share closed at Rs. 40.60. Seylan Bank’s non-voting shares contributed Rs. 146 million to turnover when 4.1 million shares traded and the share closed at Rs. 36.20. Tess Agro saw 18.8 million shares trade, contributing Rs. 125 million to turnover with the share closing at Rs. 6.40.
Abans Electricals announced a Rs. 2 dividend and Chilaw Finance a 50 cent dividend.