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Mar 8, 2011

'Long Correction' Continues in Colombo's listed Equities

The All Share Price Index (ASPI) was uneasily in green during early trading on the Monday the 7 March 2011 while the Milanka Price Index (MPI) was more in red. However, profit taking across the board closed the ASPI deeper in the red.

The All Share Price Index (ASPI) closed at 7,582.55 points, dropped 1.07% by 82.17 points and the Milanka Price Index (MPI) closed at 7,582.55 points, dipped 0.19% through 13.55 points. Total turnover was at Rs.3.1 billion dropped 25.8% with a total of 133.22 million shares changing hands (fell 16.31%) and there were 56 gainers and 119 losers. Foreign purchases record to be Rs.596.38 million (down 85.75%) and foreign sales recorded to be Rs. 584.76 million (down 135.76%). Price to forward Earnings Ratio (PER) was dropped by 0.03% to 28.7 times.

Bank Finance & Insurance due to National Development Bank (NDB) and Manufacturing due to Piramal Glass (GLASS) sectors were the highest contributors to the market turnover. Bank Finance & Insurance index decreased by 0.56% while Manufacturing sector index increased by 0.40%.

NDB Bank made the highest contribution to the market with three crossings of 1,091,000 at Rs.353. The share price increased by Rs.4.00 (1.14%) and closed at Rs.353. Interest might have been generated by the sub-division which is to be taken effect from 30 March 2011 according to brokers.

Laugfs Gas (Non-voting) (LGL.X) surprisingly attracted institutional and high networth investors despite the Petroleum Minisitry deciding to withdraw exclusive rights given to the company to buy the entire LPG production of the Ceylon Petroleum Corporation.

Retail investors showed interest in Distilleries (DIST) amidst the selling of the stake in “Lanka Hospitals” at a substantial capital gain.

Guardian Capital Partners (WAPO) which has risen in an unnatural manner over the last few weeks, topped the negative contributors.


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