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Mar 11, 2011

Bears get lifeblood with slight gains in Colombo Stocks



Indices gained slightly on Thursday the 11 march 2011, after Colombo All Share Price Index (ASPI) shed 321 points and Milanka Price Index lost 182 points over the last 3 days. While undervalued stocks do exist, the rise of certain illiquid stocks seems to have overheated the overall market according to brokers.

The All Share Price Index (ASPI) closed at 7,383.92 points, slowly picked up 0.55% through 40.47 points and the Milanka Price Index (MPI) closed at 6,879.24 points, rose 0.47% by 31.90 points during the day. Total turnover was at Rs.1.7 billion fell 26.45% with 146 gainers and 62 listed losers. A volume of 4.9 million shares changed hands (up 6.31%) while foreign purchases tumbled 24.35% Rs.101.59 million and foreign sales further dropped 33.29% to Rs.213.11 million. Price to forward Earnings Ratio (PER) appreciated 0.72% to 28 times.

Diversified sector due to John Keells Holdings (JKH) and The Colombo Fort Land (CFLB) and Construction & Engineering due to Lankem Developments (LDEV) sectors were the highest contributors to the market turnover while both sector indices increased by 0.85% and 1.08% respectively.

Lankem Developments (LDEV) continued to attract investors making the highest contribution to the market. The share price increased by Rs.16.40 (34.82%) and closed at Rs 64.Distilleries (DIST) announced an interim dividend of Rs.0.50 per share while Haycarb (HAYC) also announced an interim dividend of Rs.3.00 per share.

The Colombo Fort Land & Building (CFLB) witnessed selling despite a subdivision announcement. Guardian capital (WAPO) and Bukit Darah (BUKI) continued to lose the rapid gains made in the recent past.

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