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Jan 12, 2011

Colombo Stocks gain amidst policy rate cuts by Central Bank

Sri Lanka Stocks gained on Tuesday the 11 January 2011, as Central Bank reduced policy rates by 25 and 50 basis points respectively. This is in contrast to other emerging markets which are raising rates in view of inflation according to brokers.
The All Share Price Index (ASPI) closed at 6,992.71 points, rose 1.1% by 75.86 points and the Milanka Price Index (MPI) closed at 7,314.70 points, rising 0.45% by 32.75 points.
Turnover was at Rs.4.4 billion (down 11.39%) while a total of 172.2 million (down 8.13%) volume of shares changing hands. Foreign purchases tumbled 44.3% to Rs.205.31 million and foreign sales were also down by 15.62% at Rs.382.36 million. Price to forward Earnings Ratio (PER) slightly appreciated to 26.5 times.
Power & Energy and Hotels & Travels sectors were the highest contributors to the market turnover while both indices increased by 9.10% and 2.16% respectively.Laugfs Gas (LGL) made the highest contribution to the market turnover with a crossing of 401,000 shares at Rs.49.90 while the share price increased by Rs.6.80 (16.19%) and closed at Rs.48.20.Hotel Reefcomber also contributed to the market turnover with four crossings of 1,940,840 shares at Rs.86. The share price increased by R. 4.80 (5.63%) and closed at Rs.90.Seven other crossings were also recorded for 1,078,500 shares of Ceylon Grain Elevators (GRAN) at Rs.120, 200,000 shares of John Keells Holdings (JKH) at Rs.295, 100,000 shares of Hayleys (HAYL) at Rs.350 and 250,000 shares of DFCC Bank at Rs.202.
Globally, U.S. stocks declined, led lower by telecommunication companies and worries mounted over the health of the euro-zone economy. Dow was down 0.3%. Asian stock markets were mixed while Nikkei was down 0.1%.
Sri Lanka Secondary Debt Market Treasury bond yields slightly decreased, while the market activity was relatively high. Sri Lankan Rupee depreciated slightly as the exchange rate was recorded at Rs.110.84 to Rs.110.85 per US Dollar.


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