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Mar 29, 2011

End of day recovery at Colombo Stock Exchange



A buying momentum during the latter half recovered indices marginally at Colombo Stock Exchange on Monday the 28 March 2011 after the initial downtrend. However, All Share Price Index (ASPI) closed in red while Milanka Price Index (MPI) managed to stay stagnant amidst interest witnessed in index heavy Commercial Bank (COMB) and John Keells Holdings (JKH). Prices of blue chip counters are expected to pick up in the coming few days amidst low turnover levels.

The All Share Price Index (ASPI) closed at 7,210.09, down 0.42% by 30.18 points and the Milanka Price Index (MPI) was barely changed at 6,838.41 points. Turnover was at Rs.1.6 billion tumbled 30.43% with a total volume of 49.51 million shares changing hands (fell 56.11%).Foreign purchases rose 31.20% to Rs.147.55 million and foreign sales fell 45.55% to Rs.226.24 million. Price to forward Earnings Ratio (PER) depreciated by 0.39% to 25.6 times.

Bank, Finance & Insurance sector was the main contributor to the market turnover due to Commercial Bank (COMB), Sampath Bank (SAMP) & Central Finance (CFIN) with sector index increasing 0.65%.

Stores & Supply sector also contributed to the market turnover with sector index decreasing 1.14%. Sector turnover was boosted by Colombo Pharmacy (PHAR) with 9 crossings of 54,000 shares at Rs.3,500 in which profit taking was witnessed after making a quick gain last Friday. The share price decreased by Rs.31.10 (0.88%) and closed at Rs.3,427. Investors reacted positively to an announcement made by East West Properties (EAST) on a revaluation of its properties (increase of net assets by Rs.695 million.

Several Crossings were recorded including Commercial Bank (COMB) 430,000 at Rs.270, Sampath Bank (SAMP) 235,828 shares at Rs.285 and Seylan Bank (SEYB) 275,000 shares at Rs.74 per share.

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