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Mar 24, 2011

Sri Lanka stock prices gain amidst low volumes



Most Colombo listed stocks made gains on Wednesday the 23 March 2011 led by the price appreciations seen from previous day in Central Finance (CFIN) and LB Finance (LFIN). It could

be the bull run expected up to the Financial Year end in 31 March 2011 according to brokers. Milanka Price Index (MPI) recorded a welcome gain.

The All Share Price Index (ASPI) closed at 7,207.10 points; dipped 0.18% by 13.16 points and the Milanka Price Index (MPI) increased 1.18% by 79.08 points closing at 6,775.87 points during the day. Total turnover recorde to be Rs.2.98 billion fell 17.46% with a 49.61 million shares changing hands (fell 6.17%). Foreign purchases dropped 21.79% to Rs.108.53 million and foreign sales dropped 54.11% to Rs.477.6 million. Howver, Price to forward Earnings Ratio decreased 0.39% to 25.5 times.

Banking, Finance and Insurance sector contributed significantly to the market turnover mainly due to LB Finance (LFIN) and Central Finance (CFIN) with sector index increasing 3.04%.LB Finance (LFIN) made the highest contribution to the market turnover. The share price increased by Rs.19.50 (11.50%) and closed at Rs’187. Profit taking was witnessed in Central Finance (CFIN after making rapid gains on earlier day.

Manufacturing sector also contributed to the market turnover amidst renewed interest witnessed in Royal Ceramics (RCL). The sector index increased by 0.78%.

Aggressive retail participation was witnessed in Carsons owned dud company Guardian Capital Partners (WAPO) towards the closure of the market. Marginal decline in All Share Price Index during the day was due to the drastic drop in the share price, as the new WAPO shares started trading subsequent to the 75 for 2 rights issue. “The share is still overvalued in our opinion.” NDB Stock Brokers said in their daily review.

Several crossings were doe including two crossings of Distilleries (DIST) 199,930 shares at Rs.181 and 120,000 shares at Rs.180, Hayleys (HAYL) 270,000 shares at Rs.388, Aitken Spence Hotels (AHUN) 500,000 shares at Rs.96 per share.

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