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Mar 16, 2011

Force selling crawl the boom in Colombo Stock Exchange



The All Share Price Index (ASPI) in Colombo started heading back towards 7,000 points on Tuesday the March 15 2011 after passing the mark during early January. However the Milanka Price Index is coming down at a lower rate comparatively, as it remained stagnant during the period in which the ASPI made rapid gains. “The market needs to stabilize over the next few months as the last few months have been excessively volatile” brokers said.

The All Share Price Index (ASPI) closed at 7,029.02 points, dropped 1.96% by 140.74 points and the Milanka Price Index (MPI) closed at 6,608.72 points, tumbled further down 1.63% through 109.35 points during the day. Total turnover was at Rs.1.29 billion rose 36.52% with a total volume of 43.31 million shares changing hands (up 30.2%). Foreign purchases fell 3.96% to Rs.72.31 million and foreign sales rose 36.26% to Rs.79.511 million.

Meantime, Price to forward Earnings Ratio (PER) dropped 2.21% to 26.6 times.

Nearly 1.5 million shares of Ceylon Grain Elevators crossed via 4 crossings at Rs.165 per share.

Manufacturing sector was the highest contributor to the market turnover mainly due to Ceylon Grain Elevators (GRAN). The sector index dropped by 1.37%. Bank, Finance & Insurance sector also contributed significantly to the market turnover with the sector index declining 0.68%.

Ceylon Grain Elevators (GRAN) made the highest contribution to the market. The share price decreased by Rs. 5.80 (3.38%) and closed at Rs. 165.

Ceylinco Insurance (CINS) and Lanka Hospitals (LHCL) attracted investors while price gains still can be seen in certain illiquid stocks at a time fundamentally strong stocks are yet to attract investors as per brokers.

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