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Feb 25, 2011

Slight Recovery in Colombo Stocks

Colombo Stock Indices recovered marginally on Wednesday the 23 February 2011 amidst renewed retail interest witnessed in counters such as GRAN, GLAS, RICH, TAFL etc. Thin volume trading continued while institutional and high networth investors were more on the selling side according to brokers.

The All Share Price Index (ASPI) closed at 7,548.86 points, shot up 0.45% by 34.12 points and the Milanka Price Index (MPI) closed at 7,181.13 points, rose 0.29% through 20.75 points during the day. Total turnover was at Rs.2.4 billion (rose 13.15%) with a volume of 54.98 million shares changing hands (topped 12.9%). Foreign purchases dropped 18.71% to Rs.118.6 million and foreign sales appreciated by 45.11% to Rs.485.28 million. Meantime, Price to forward Earnings Ratio (PER) appreciated 0.7% to 28.6 times.

Diversified and Manufacturing sectors were the highest contributors to the market turnover while sector indices increased by 0.09% and 1.07% respectively.

Premier conglomerate John Keells Holdings (JKH) made the highest contribution to the market turnover with five crossings of 781,600 shares at Rs.291 while the share price decreased by Rs.1.20 (0.41%) and closed at Rs.292.

Crossings were recorded including two crossings of Cargills (Ceylon) (CARG) 257,000 shares at Rs. 234, Horana Plantations (HOPL) 350,000 at Rs.80 and Ceylinco Insurance (CINS) 36,500 shares at Rs.550 per share.

Finlays Colombo (JFIN) announced a final dividend of Rs.1.50 per share.

Globally, Asian stock markets were mixed, weighed by Wall Street's sharp 1.4% fall yesterday and continued political turmoil in Libya. Nikkei dropped 0.8%.

Sri Lankan Secondary Debt Market three and six months yields were slightly down in the Treasury Bill primary auction. Secondary market Treasury bond yields were slightly up, while the market activity was relatively high.

Sri Lankan Rupee was stable as the exchange rate was recorded at Rs.110.88 to Rs.110.90 per US Dollar.


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