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Jan 13, 2011

Retailers take profits in Colombo Stock Market amidst Laugfs Rally

Retail selling pressure spurred the momentum with the Laugfs Gas (LGL) rally with the announcement of Laugfs Gas 12.5 kg cylinder hike by Rs.36 at Colombo Stock Exchange on Thursday the 13, January 2011 whilst profit taking was witnessed across the board with banking and Investment Trust sectors helped All Share Price Index (ASPI) gain slightly after the early drop. Volatility is to be expected with the high participation of retail investors according to brokers.

The All Share Price Index closed at 7,021.88 points, shifted up 0.10% through 7.03 points and the Milanka Price Index (MPI) of more liquid stocks closed at 7,326.84 points, down 0.01% tumbled by 0.38 points at end of market hours. Total turnover was at Rs.3.4 billion dipped 38.32% and a volume of 357.1 million (up 19.41%) changed hands. s. There were 79 gainers and 133 losers. Foreign purchases also decreased by 31.12% to Rs.306.12 million and foreign sales further dipped by 80.28% to Rs.188.49 million. Meanwhile Price to forward Earnings Ratio remained stable at 26.6 times.

Power & Energy and Bank, Finance & Insurance sectors were the highest contributors to the market turnover. Power & Energy sector index decreased by 5.83% while Bank, Finance & Insurance sector index increased by 1.23%. Laugfs Gas (LGL) made the highest contribution to the market turnover although the share price decreased by Rs.6.70 (12.41%) and closed at Rs.45.60. Environmental Resources (GREG) also contributed to the market turnover while share price increased by Rs.8.60 (8.29%) and closed at Rs.112. Three crossings were recorded for 750,000 shares of Aitken Spence Hotels (AHUN) at Rs.112 and 55,000 shares of HNB Bank at Rs.400.

Asian Alliance Insurance (AAIC) closed at Rs.186.10 rose by Rs.35.90 at 24.72% and Sri Lanka’s Japanese financial giant Lanka Orix Leasing (LOLC) climbed by Rs.8.90 at 7.1% closing at Rs.135. Indo Malay drastically dropped by Rs.80 at 13.79% closing at Rs.500.

Globally, European stocks were mixed today as traders took a breather ahead of key European government bond auctions. FTSE 100 was 0.4% lower. Most Asian markets advanced today, cheering a temporary reprieve from European debt woes after a successful Portuguese bond sale yesterday. Nikkei climbed 0.7%.

Sri Lanka Secondary Debt Market Treasury bond yields slightly decreased, while the market activity was relatively high.

Sri Lankan Rupee appreciated slightly as the exchange rate was recorded at Rs 110.76 to 110.79 per US Dollar.


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