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Mar 10, 2011

Selling momentum continues at Colombo Stock Exchange

Colombo stock indices increased due to the rise in prices of a selected group of illiquid stocks on Wednesday the 9 March 2011. However, a correction was expected due to the rapid increase in indices over the last few weeks according to brokers.

“The current correction is bringing down the prices of other stocks as well.” Brokers said.

The All Share Price Index (ASPI) closed at 7,343.45 points, fell 1.38% by 102.45 points and the Milanka Price Index (MPI) dropped 1.24% through 86.02 points closing at 6,847.34 points during the day. Total turnover was at Rs.2.3 billion increased 18.96% with 162 losers and 34 listed gainers. A total volume of 46.4 million shares changed hands (fell 20.57%) and foreign purchases recorded to be a Rs.134. 29 million (rose 49.78%) and foreign sales fell 23.6% to Rs.319.4 million. Price to forward Earnings Ratio (PER) decreased by 1.42% to 27.8 times.

Both indices in Colombo dipped continuing the prevailing negative momentum. All sector indices decreased amidst force selling and profit taking across the board.

Diversified sector due to John Keells Holdings (JKH) and Manufacturing sector due to Royal Ceramics (RCL) were the highest contributors to the market turnover while both sector indices decreased by 1.54% and 1.62% respectively.

Premier conglomerate John Keells Holdings (JKH) made the highest contribution to the market with ten crossings including 944,500 shares at Rs.280 and 1,182,000 shares at Rs.275). The share price decreased by Rs.7.20 (2.55%) and closed at Rs.275.20.

Lankem Development (LDEV)attracted investors amidst a proposal from the company to acquire an equity stake of 61.88% of Agarapatana Plantations from Lankem Plantation Holdings and Kotagala Plantaions.


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