No more bubbles; Colombo Bourse will hit 9,500 in mid 2011-Analyst

Colombo, 23 January, (Asiantribune.com):

Despite bubble theories by many economic experts at the last quarter of 2010, all time high performing Sri Lanka’s Stock exchange is yet to mark the crossing, chyhhh of 9,500 points during the middle of 2011 according to a top analyst, Director research Capital trust Securities, Sarath Rajapakse.

“Market will soon reach 9,500 mark in the middle of this year, There will be no more bubbles or bubble talks” said Sarath Rajapkse speaking to The Asian Tribune . He said during this optimistic period in economy all the banks and hotel sector companies will come out with high results on coming months whilst the increase in commodity prices will also push up the plantation sector shares.

Colombo Stock Exchange made history, hitting the highest value ever on week ended reaching the 7,268.78 in All Share price Index (ASPI) and 7,290.02 in Milanka Price Index (MPI) recording its Friday turnover at Rs.4.13 billion.

Rajapakse also said that with shoot up in quarterly and annual results of positive banking and plantation sector results, the conglomerate shares will also rise in time to come.

Diversified sector was up this week ended, after a long pause as institutional and high net worth investors returned to the market according to analysts.

Stability of the existing positive momentum will depend on the behavior of these players according to brokers.

source: http://www.asiantribune.com/news/2011/01/22/no-more-bubbles-colombo-bourse-will-hit-9500-mid-2011-analyst