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Mar 10, 2011

Prices fall as turnover drops at Colombo Stock Exchange


The ASPI dipped more than 100 points amidst a session of heavy selling across the board on Tuesday the 8 March 2011. Low turnover suggests the large investors may be observing in the sidelines according to brokers.

The All Share Price Index closed at 7,445.90 points, dipped 1.80% by 136.65 points and the Milanka Price Index (MPI) closed at 6,933.36 points, dipped 1.18% through 82.51 points. A total volume of 58.4 million shares changed hands (dropped 56.14%) while the turnover was at Rs.1.9 billion (36.55%). Foreign purchases decreased 84.97% to Rs.89.66 million and foreign sales Rs.418.12 million dipped 28.5%. Price to forward Earning Ratio (PER) depreciated by 1.74% to 28.2 times.

Diversified sector due to John Keells Holdings (JKH) and Manufacturing sector due to Lanka Floortile (TILE) and Royal Ceramics (RCL) sectors were the highest contributors to the market turnover while both sector indices decreased by 1.60% and 1.18% respectively.

Premier conglomerate John Keells Holdings (JKH) made the highest contribution to the market with a crossing of 1,000,000 shares at Rs.285. The share price decreased by Rs 3.00 (1.05%) and closed at Rs 282.10. Foreign holding of the company decreased by 1,000,000 shares.

Ceylinco Insurance (CINS) and HNB attracted investors despite the negative market momentum. Subdivision of HNB is to take effect from 31 March 2011.

Illiquid counters Guardian Capital Partners (WAPO), Carsons Cumberbatch (CARS) and Bukit Darah (BUKI) which recorded rapid gains in the recent past were the main negative contributors to the indices.

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