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Feb 10, 2011

Volatility mull over at Colombo Stock Exchange


Negotiated deals (foreign sales) pertaining to Commercial Bank coupled with retail profit taking weighed on All Share Price IndexI during early trading on Wednesday the 9, February 2011, diluting gains in other counters. However, gains in some large & mid-cap counters edged the MPI up according to brokers.

The All Share Price Index (ASPI) closed at 7,377.44 points, fell 0.10% by 7.60 points and the Milanka Price Index (MPI) of more liquid stocks closed at 7,203.75 points, rose 0.06% by 4.66 points during the day. Total turnover was Rs.4.41 billion ROSE 1.18% with 103.8 million shares changing hands (dipped 20.85%). Foreign purchases recorded to be Rs.191 million (up 6.32%) and foreign sales topped 308.36% at Rs.1.27 billion. However, price to forward Earnings Ratio (PER) was stable at 27.9 times.

Bank, Finance & Insurance and Manufacturing sectors were the highest contributors to the market turnover. Bank, Finance & Manufacturing sector index decreased by 0.64% while Manufacturing sector index increased by 0.35%. Commercial Bank (COMB) made the highest contribution to the market turnover with nine crossings of 3,909,850 shares at Rs.277. The share price decreased by Rs.1.80 (0.65%) and closed at Rs.278.

Several crossings were recorded including two crossings of Royal Ceramics (RCL) 730,000 shares at Rs.161, Pan Asia Bank (PABC) 464,000 shares at Rs.58.50 and Aitken Spence Hotels (AHUN) 200,000 shares at Rs.105.

Globally European stocks were mixed today after the recent strong gains as investors digested key earnings. FTSE was down 0.3%. Hong Kong stocks declined to lead most Asian markets lower today on fears Beijing may launch more policy restrictions in coming months after raising interest rates late on previous day.

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

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

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