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Feb 11, 2011

Retailers lift stock indices at Colombo Stock Exchange

Institutional and high networth investor participation was witnessed during early trading on Thursday the February 10, 2011 while a fresh round of retail buying further boosted All Share Price Index (ASPI) during the latter part of trading according to brokers. “Milanka Price Index was choppy during the day but ended on a positive note” brokers said.

The All Share Price Index (ASPI) closed at 7,493.62 points, rose 1.57% through 116.18 points and the Milanka Price Index (MPI) closed at 7,230.35 points, appreciated 0.37% by 26.60 points. Turnover recorded to be Rs.5 billion rose 14.14% and a total volume of 114.11 million shares changed hands (up 9.83%). Foreign purchases dropped 3.8% to Rs.183.8 million and foreign sales further decreased to 42.88% to Rs.725.88 million. However, Price to Forward Earnings Ratio (PER) slightly rose by 1.43% to 28.3 times.

Bank, Finance & Insurance and Manufacturing sectors were the highest contributors to the market turnover while both indices increased by 1.26% and 0.88% respectively. Commercial Bank (COMB) made the highest contribution to the market turnover with a crossing of 990,600 Rs.278.50 while the share price increased by Rs 0.90 (0.32%) and closed at Rs.278.50.

Several crossings were recorded including two crossings of 1.05 million shares of Ceylon Grain Elevators (GRAN) at Rs.250, two crossings of Royal Ceramics (RCL) 125,000 shares at Rs.161.50 and 564,000 shares at Rs.160.50, Hemas Holdings (HHL) 2,000,000 shares at Rs.51, Nawaloka (NHL) 15 million shares at Rs.4, Sampath Bank (SAMP) 200,000 shares at Rs.290, John Keells Hotels (KHL) 2 million shares at Rs.18.70 and Lanka Walltile (LWL) 150,000 shares at Rs.165.

EB Creasy (EBCR) announced an interim dividend of Rs.4 per share and Diesel & Motor Engineering (DIMO) announced an interim dividend of Rs.5 per share with Kelani Valley (KVAL) announcing a final dividend of Rs.4 per share, on 9th February.

Among the quarter results ended in 31 December 2010, Nawaloka Hospitals (NHL) net profits had increased by 245% to Rs.60.94 million from Rs.17.67 in 2009, Parquet Ceylon (PARQ) had recorded a Rs.23.98 million net profit reaching 620% against 2009 results which was at Rs.3.33 million. Meanwhile, Environmental Resources (GREG) net profit had shot up by 2112% to Rs.486.68 million from Rs.22 million in 2009. Consequently other subsidiaries of Environmental Resources PLC, Ceylon leather (CLPL) had recorded a net profit at Rs.36.80 million at 373% compared to Rs.7.78 million in 2009, Dankotuwa Porcelain (DPL) recording a Rs.18.19 million net profit at 142% from a loss of Rs.42.87 million in 2009 while The Colombo Pharmacy (PHAR) has reported a profit of Rs.3.37 million compared to Rs.4.54 million in 2009 down by 26%.

Globally, Most Asian shares retreated in early trading Thursday as a mixed finish on Wall Street offered little incentive to buy.Benchmarks in Taiwan, Singapore and New Zealand were also down. Meanwhile, the Shanghai Composite index turned higher after a negative start and was up 0.2 percent at 2,778.60.

The optimism was triggered by news that the London Stock Exchange Group PLC and TMX Group Inc., which operates the Toronto Stock Exchange, are merging to create one of the world's largest stock markets. NYSE Euronext Inc., which also operates exchanges in Europe, also said it is in "advanced discussions" about a possible merger with Deutsche Boerse, owner of the Frankfurt stock exchange. In New York stocks finished mixed after the head of the Federal Reserve said unemployment may remain high for several years.

The Dow Jones industrial average rose 6.74 points, or 0.1 percent, to 12,239.8 in its eighth straight day of gains. The broader Standard & Poor's 500 lost 3.69 points, or 0.3 percent, to 1,320.88. It was the first down day for the index after four days of gains. The Nasdaq composite lost 7.98, or 0.3 percent, to 2,789.07.

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

Sri Lankan Rupee appreciated slightly as the exchange rate was recorded at Rs.110.92 to Rs.110.95 per US Dollar.


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