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Mar 26, 2011

Colombo Stock Exchange continues with WAPO Miracle

Guardian Capital (WAPO) made further gains on Thursday the 24 march 2011 pushing the All Share Price Index up. The company consists of only a cash base of under Rs.550 million although, at the current share price (Rs.318) the company is valued at over Rs.8 billion at an unbelievable premium of over 15 times according to brokers.

The All Share Price Index (ASPI) closed at 7,216.75 points, rose 0.13% by 9.65 points and the Milanka Price Index (MPI) topped 0.26% by 17.72 points closing at 6,793.59 points. Total turnover was at Rs.2.8 billion fell 0.62%, with a total volume of 89.82 million shares changing hands (up 1.02%). Foreign purchases tumbled 23.57% to Rs.82.95 million and foreign sales fell 51.44% to Rs.231.94 million during the market hours. Price to forward Earnings Ratio (PER) slightly rose 0.39% to 25.6 times.

Manufacturing sector was the main contributor to the market turnover due to Pelawatte Sugar (SUGA) with sector index decreasing 0.02%. Pelawatte Sugar (SUGA) made the highest contribution to the market

turnover whilst the share price decreased by Rs.1.70 (4.63%) and closed at Rs.35.20. A 100% owned subsidiary of Distilleries (DIST), titled Melstacorp (Pvt) Ltd purchased 31,966,000 shares (47%)

of Pelwatte Sugar (SUGA) at Rs.27.50 per share. As a result, investors reacted positively to Distilleries.

Profit taking was witnessed on the finance sector counters, Central Finance (CFIN) and LB Finance (LFIN), which pushed up the indices over the last couple of days. Gains recorded in blue chip counters John Keells (JKH) and Dialog (DIAL) pushed the Milanka Price Index up.

Several crossings were recorded during the day including Distilleries (DIST) 250,000 shares at Rs.183, Lanka Walltile (LWL) 530,000 shares at Rs.175, Ceylinco Insurance (CINS) 51,900 at Rs.730 and Nation Lanka Finance-Rights (CSF.R) 5,202,400 shares at Rs.3 .90 per share.


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