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Jan 29, 2011

Correction continues in Colombo Stocks

Sri Lanka Stock indices dipped with comparatively thin volumes on Friday the 28 January, 2011. Some retail investors, who were late to join the short rally, seem to hold the stocks until a direction is created according to brokers. All Share Price Index (ASPI) and Milanka Price Index (MPI) declined by 0.85% and 1.75% respectively for the week.

The All Share Price Index (ASPI) closed at 7,192.49 points, down 0.26% by 18.62 points and the Milanka Price Index (MPI) of more liquid stocks closed at 7,165.32 points, down 0.42% by 30.05 points during the trading day.

Turnover fell 30.20% to Rs.2.87 billion with a total volume of 81.5 million shares changing hands (down 40.82%), Foreign purchases also declined 36.32% to Rs.122 million and foreign sales tumbled down 21.73% Rs.222 million. However, Price to forward Earnings Ratio (PER) dropped by 0.37% to 27.2 times.

Manufacturing and Bank, Finance & Insurance and sectors were the highest contributors to the market turnover. Manufacturing sector index increased by 1.33%, while Bank, Finance & Insurance sector index decreased by 0.65%. Ceylon Grain Elevators (GRAN) made the highest contribution to the market turnover. The share price increased by Rs.14.60 (8.00%) and closed at Rs.198. Several Crossings were recorded including 2 crossings of Royal Ceramics (RCL) 500,000 shares at Rs.160, a crossing of Hayleys (HAYL) 100,000 shares at Rs.395, 140,000 shares of Ceylinco Insurance (CINS) at Rs.460, 120,000 shares of Lanka Walltile (LWL) at Rs.170 and another 125,000 shares at Rs.165, and 1 million shares of Kahwatte Plantations (KAHA) at Rs.40.

Lanka Ceramic (CERA) announced an interim dividend of Rs.1.00 per share yesterday.

Globally, most Asian stock markets were lower today, with shares in Japan hit by Standard & Poor's down grade of the country's sovereign debt rating. Nikkei was 1.3% down.

Sri Lankan Secondary Debt Market Treasury bond yields slightly increased, while the market activity was relatively low.

Sri Lankan Rupee depreciated slightly as the exchange rate was recorded at Rs.111.13 to Rs.111.18 per US Dollar.


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