Bourse Hits New Low

With government funds staying away from the bourse on Friday, the market recorded its lowest turnover for the year thus far, registering a Rs. 576.1 million turnover, according to provisional figures released by the Colombo Stock Exchange (C.S.E.), on retailer dominated trading,  market sources who didn’t want to be named told The Sunday Leader.
The previous lowest turnover recorded by the bourse for the year was Rs. 617 million on March 9, while a turnover figure lower than Friday was last registered on December 28, 2009,  an amount of Rs. 562 million.
“The reason why government funds stayed away from the bourse on Friday may have been due to the fact that they were unable to get the quantities that they wanted to,” a market source said.
One school of thought says that it is government administered funds that are pushing up the bourse, while others say that those funds prevent the market from falling. He expected the bourse to perform in this lackadaisical fashion upto next month’s parliamentary elections, after which he believed that it would take-off. The benchmark A.S.P.I. and the more sensitive M.P.I. fell by 10.27 and 0.37 points to close at 3,744.92 and 4,319.22 respectively on Friday, over that of Thursday’s closing figures, according to C.S.E. provisional estimates.

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