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Mar 15, 2011

Colombo Stocks fall amidst Asian Tsunami woes and panic selling



Colombo Stock Market activity was lackluster on Monday the 14 March 2011 as institutional and high networth investors continued to be on the sidelines. Short term profit taking has brought down indices over the last couple of weeks. A period of consolidation was due in view of the rapid gains made since December according to some brokers.

The All Share Price Index (ASPI) closed at 7,169.76 points, down 1.96% by 143.26 points and the Milanka Price Index (MPI) closed at 6,718.07 points, fell 1.53% through 104.09 points, as at end of trading day.

Total turnover was at Rs.945 million fell 0.6% with 192 listed losers and 22 listed gainers. Foreign purchases rose 74.52% Rs.75.3 million and foreign sales fell 26.48% to Rs.58.3 million. Price to forward Earnings Ratio (PER) declined 1.81% to 27.2 times.

Manufacturing sector due to Piramal Glass (GLAS) and Diversified sector due to Richard Pieris (RICH) sectors were the highest contributors to the market turnover while both sector indices decreased by 2.10% and 2.17% respectively.

Piramal Glass (GLAS) made the highest contribution to the market. The share price decreased by Rs. 0.50 (4.35%) and closed at Rs 11. Carsons (CARS) and Bukit Darah (BUKI) continued to dip although their subsidiary, The Good Hope (GOOD) , appeared amongst the top three positive contributors. Other subsidiaries, Selinsing (SELI), Indo Malay (INDO) and Shalimar (SHAL) also appreciated with low turnover.

1.43 million shares of Richard Peiris (RICH) crossed at Rs.14 per share and 127,000 shares of CIC Holdings (CIC) crossed at Rs.158 per share during the day.

Further consolidation/correction of the market may see foreign investor inflows gradually increase according to brokers.

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