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Mar 14, 2011

Colombo Stock Exchange concludes a week dominated by selling




Colombo Stock Indices continued to fall with thin volumes on Friday the 11 March 2011, while Investor participation was subdued throughout the week and comparatively less turnover levels were witnessed. Market ended the week in red, with All Share Price Index (ASPI) and Milanka Price Index (MPI) dipping 5% and 3% respectively.

The All Share Price Index (ASPI) closed at 7,313.02 points, dropped 0.96% through 70.90 points and the Milanka Price Index (MPI) closed at 6,822.16 points, fell 0.83% by 57.08 points during the day.

Total turnover was at Rs.951 million (fell 44.8%) with 58 gainers and 138 listed losers. A total volume of 30.3 million shares changed hands (dipped 38.55%) while foreign purchases decreased 57.53% to rs.43.1 million and foreign sales further dipped 62.66% Rs.79.3 million. Meanwhile, Price to forward earnings Ratio (PER) depreciated 1.07% to 27.7 times.

Banks, Finance & Insurance sector due to Ceylinco Insurance (CINS) and First Capital (CFVF) and Land & Property sector due to York Arcade (YORK) sectors were the highest contributors to the market turnover while both sector indices decreased by 0.41% and 0.94% respectively.

One crossing of 320,000 shares of Chemical Industries (CIC) was recorded at Rs.160 per share.

Hotel sector was slightly up due to Trans Asia Hotels (TRAN) and Hotel Developers (HDEV) despite the overall negative sentiment. York Arcade (YORK) made the highest contribution to the market. The share price increased by Rs.4.10 (11.33%) and closed at Rs.39.10.

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