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Jan 31, 2011

Investors testing time at Colombo Stock Exchange

Week started on Monday 31 January, 2011 witnessed Colombo stock indices dipping slightly, continuing the selling pressure from last week. “Investor sentiment is mixed amidst the current congestion period of the market. The direction will depend on the extent to which investors would evaluate the interim results.” brokers said.

The All Share Price Index (ASPI) closed at 7,174.87 points, fell 0.24% by 17.62 points and the Milanka Price Index (MPI) closed at 7,134.27 points, coming down by 0.43% through 31.05 points as at end of trading day. Total turnover was at Rs.3.18 billion (rose 10.72%) with 87.57 million shares changing hands (up 7.41%). Foreign purchases rose 39.78% to Rs.170.5 million and the foreign sales also appreciated by 18.03% to Rs.262 million. Meanwhile, the Price to forward Earnings Ratio (PER) declined by 0.37% to 27.1 times.

Power & Energy and Bank, Finance & Insurance and sectors were the highest contributors to the market turnover. Power & Energy sector index increased by 5.21% while Bank, Finance & Insurance sector index decreased by 0.20%. Laugfs Gas (LGL) made the highest contribution to the market turnover. The share price increased by Rs.7.50 (15.66%) and closed at Rs.56.70. Several crossings were recorded including Laugfs Non Voting (LGL.X) 500,100 shares at Rs.40, Asian Alliance (AAIC), 600,000 shares at Rs.150, Diesel & Motor (DIMO) 35,000 shares at Rs.1,400, two crossings of Royal Ceramics (RCL) amounting to 500,200 shares at Rs.160, Renuka Agri (RAL) 4.9 million shares at Rs.6.70, with 115,000 shares of United Motors (UML) at Rs.175.

Commercial Bank (Voting and Non-voting) declared a final dividend of Rs.2 per share last Friday. People’s Leasing Finance declared an interim dividend of Rs.0.50 per share last Friday.

Globally, Asian stock markets skidded as investors feared the unrest in Egypt. Nikkei was down 1.2%.

Sri Lankan Secondary Debt Market Treasury bond yields slightly decreased, while the market activity was normal.

Sri Lankan Rupee depreciated slightly as the exchange rate was recorded at Rs.111.15 to Rs.111.18 per US Dollar.


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