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Feb 9, 2011

Sri Lanka All Share Price Index gains against profit taking

Colombo Stock Market was volatile in early trading on Tuesday the 8 February, 2011 as investors showed mixed sentiments. Buying pressure witnessed towards the latter part, helped All Share Price Index gain slightly. However, profit taking was witnessed in Poultry, Plantation and Manufacturing sectors and interest was witnessed in the Hotel sector according to brokers.

The All Share Price Index (ASPI) closed at 7,385.04 points, rose 0.05% by 3.94 points and the Milanka Price Index (MPI) of more liquid stocks closed at 7,199.09 points, down 0.18% by 12.76 points during the trading day.

Total turnover was at Rs.4.36 billion slightly fell by 0.66% with a total volume of 131.2 million shares changing hands with an increase of 6.81% compared to a day before. Foreign purchases declined 29.69% to Rs.179.7 million and foreign sales rose 31.14% to Rs.311.2 million. Meanwhile Price to forward Earnings Ratio (PER) was stable at 27.9 times.

Diversified and Bank, Finance & Insurance sectors were the highest contributors to the market turnover. Diversified sector index decreased by 0.18% while Bank, Finance & Insurance sector index increased by 0.20%. Ceylinco Insurance (CINS) made the highest contribution to the market turnover with five crossings with 43,600 shares at Rs.460 and 625,000 shares at Rs.500. The share price increased by Rs.74.30 (17.48%) and closed at Rs.500.

Several crossings were recorded including two crossings of Lanka Walltile (LWL) 490,000 shares at Rs.170, Sunshine Holdings (SUN) 950,000 shares at Rs.50, two crossings of John Keells Holdings (JKH) 200,000 shares at Rs.293 and 185,000 shares of Commercial Bank (COMB) at Rs.277 per share.

Globally, financials led U.S. stocks higher yesterday as the market got a lift from a stream of deals and corporate earnings. Dow was up 0.6%. Japanese and Australian stocks ended at their highest levels in several months today. Nikkei rose 0.4%.

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

Sri Lankan Rupee appreciated slightly as the exchange rate was recorded at Rs.110.98 to Rs.111.00 per US Dollar.


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