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Feb 16, 2011

Sudden 'Correction' at Colombo Stock Exchange



Colombo stock indices dipped sharply during early trading on Tuesday the February 15th with corrections made on counters of Carsons owned subsidiaries which experienced a sudden appreciation on earlier day. However, buying pressure was witnessed in counters such as LCEY, HVA and some Motor sector stocks.

Shares fell drastically while the All Share Price Index (ASPI) closed at 7,607.79 points, down 2.61% by 204.03 points and the Milanka Price Index (MPI) fell 0.33% by 24.14 points closing at 7,224.67 points.

A volume of 79.1 million shares changed hands (down 12.74%) recording a turnover at Rs.4.4 billion, foreign purchases fell 90.69% to Rs.180.1 million and foreign sales also tumbled 39.61% to Rs.1.2 billion. Price to forward Earnings Ratio (PER) dropped by 2.37% to 28.8 times.

Beverage, Food & Tobacco and Motor sectors were the highest contributors to the market turnover while indices decreased by 0.34% and 2.99% respectively.

Ceylon Tea Services (CTEA) made the highest contribution to the market turnover while the share price decreased by Rs.150.00 (18.75%) and closed at Rs.650. Foreign holding of the company decreased by 1,450,400 shares. HVA Foods (HVA) commenced trading made contribution significantly to the market turnover. The share price increased by Rs.10.10 (63.13%) and closed at Rs.26.10.

Several crossings were recorded including two crossings of Commercial Bank (COMB) 350,000 at Rs.277, two crossing of John Keells Holdings (JKH) 177,000 shares at Rs.290 and 200,000 at Rs.291.00 with E-Channelling 1,286,500 shares at Rs.21.50.

Hapugastenne Plantations (HAPU) announced a final dividend of Rs.2 per share. Talawakelle Tea Estates (TPL) announced a final dividend of Rs.2.50 per share. Property Development (PDL) announced a final dividend of Rs.2 per share.

Sri Lankan Secondary Debt Market Treasury bond yields were mostly flat, while the market activity was dull.

Sri Lankan Rupee appreciated slightly as the exchange rate was recorded at Rs.110.99 to Rs.111.00 per US Dollar.

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