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Jan 28, 2011

Sri Lanka All Share Price Index consolidates after rally

Positive interim results at Colombo Stock Exchange failed to stop indices from falling on Thursday the 27 January,2011. Corrections were made in the plantation sector stocks amidst price bands on some counters. High net worth accumulation was witnessed in certain stocks according to brokers.

The All Share Price Index (ASPI) closed at 7,211.11, down 0.42% by 30.76 points while the Milanka Price Index (MPI) of more liquid stocks closed at 7,195.82 points, down 0.35% by 25.03 points during the trading day.

Turnover was at Rs.4.1 billion fell 18.45% with a volume of 137.7 million shares changing hands down 19.71%. Foreign purchases tumbled 23% to Rs.191.61 million and foreign sales came down by 39.81% to Rs.283.68 million. Price to forward Earnings Ratio declined by 0.36% to 27.3 times.

Bank, Finance & Insurance and Manufacturing sectors were the highest contributors to the market turnover while both indices increased by 0.33% and 0.12% respectively. PC House (PCH) made the highest contribution to the market turnover with a crossing of 3,710,000 shares at Rs.27. The share price increased by Rs.5.00 (19.61%) and closed at Rs.31. Sampath Bank (SAMP) also contributed to the market turnover with three crossings of 1,070,000 shares at Rs.301 while the share price increased by Rs 2.50 (0.83%) and closed at Rs.303. Several other crossings were recorded including 3 crossings of Lanka Walltile (LWL) 525,000 shares at Rs.165 and 200,000 shares at Rs.162, 2 crossing of Ceylinco Insurance (CINS) 250,000 shares at Rs.460, one crossing of Hayleys (HAYL) 154,872 shares at Rs.380, one crossing of Citizens Development (CDB) 355,700 shares at Rs.70 and a crossing of Brown & Company (BRWN) 200,000 shares at Rs.254.

Bairaha Farms (BFL) reported a profit of Rs.382.5 million for the nine months ended 546% up from a year earlier which was at Rs.59.23 million with Keells Food Product PLC (KFP) reporting Rs.29.7 million profit for nine months up from 128% compared to earlier years loss of Rs.107.31 million. Premier conglomerate John Keells (JKH) had reported a profit of Rs.5.69 billion up 141% compared to Rs.2.3 billion a year earlier.

Globally, The Dow Jones Industrial Average vaulted over 12,000 for the first time in almost three years but couldn't hold that ground, closing just short of that milestone.

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

Sri Lankan Rupee depreciated slightly as the exchange rate was recorded at Rs.111.10 to Rs.111.11 per US Dollar.


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