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Feb 9, 2011

Retail momentum continues at Colombo Stock Exchange


The week started with Colombo stock indices gaining on Monday the 7 February, 2011, extending the momentum from last week. Retail activity was witnessed in counters such as RICH, PCH, CLND while profit takers may have to move towards the blue chip counters to adjust the discrepancy between ASPI and MPI according to brokers.

The All Share Price Index (ASPI) closed at 7,381.10 points, increased 0.47% 34.29 points and the Milanka Price Index (MPI) of more liquid stocks closed at 7,211.85 points, rose 0.44 percent (31.36 points) according to stock exchange provisional figures.

Turnover was at Rs.4.39 billion dipped 5.86% and a total volume of 122.89 million fell 10.06% compared to a day earlier. Foreign purchases rose 71.66% to Rs.255.6 million and foreign sales were recorded to be Rs.237.3 million fell 11.63%. However, Price to forward Earnings Ratio (PER) slightly appreciated 0.36% to 27.9 times.

Diversified and Bank, Finance & Insurance sectors were the highest contributors to the market turnover while both indices increased by 0.89% and 0.60% respectively. Richards Pieris (RICH) made the highest contribution to the market turnover while the share price increased by Rs.1.30 (9.35%) and closed at Rs.15.10.

Several crossings were recorded including two crossings of John Keells Holdings (JKH) 455,500 shares at Rs.293, 454,600 shares of Laugfs Gas (LGL) at Rs.51, 25,000 shares of Central Finance (CFIN) at Rs.975, Lanka Walltile (LWL) 200,000 shares at Rs.170, Pan Asia Bank (PABC) 438,000 shares at Rs.59 and HNB Bank (Non-voting) (HNB.X) 138,000 shares at Rs.210 per share.

CIC Holdings (CIC) announced an interim dividend of Rs.0.75 per share.

Globally, European stocks were higher today, helped by gains on Wall Street and in Asia. FTSE 100 was up 0.7%. Japanese shares rose today as exporters got a lift from a weakened yen. Nikkei rose 0.5%.

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

Sri Lankan Rupee depreciated slightly as the exchange rate was recorded at Rs.110.98 to Rs.111.01 per US Dollar.

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