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Mar 19, 2011

Volatility continues at Colombo Stock Exchange




Colombo Stock Prices gained tentatively in early trading on Friday the 18 March 2011 only to tumble later on. As expected the demand that was seen over the last two days got faded during the day. The volatility and low turnover levels may continue next week according to brokers. Credit restrictions at broking houses taking effect from 31st March may result in selling. “However buying may also be visible with the financial year ending on the 31st March and the need to window dress equity portfolios.” Brokers added.

The All Share Price Index (ASPI) closed at 7,184.77 points, dipped 1.17% by 84.82 points and the Milanka Price Index (MPI) closed at 6,693.92 points, fell 1.20% through 81.22 points during the day. Turnover recorded to be Rs. 2.47 billion rose (63.92%) with a volume of 104 million shares changing hands (up 74.27%). Foreign purchases tumbled 16.71% to Rs.147.3 million and foreign sales rose 88.67% Rs.410.99 million. Meantime, Price to forward Earnings Ratio declined by 5.69% to 26 times.

ASPI and MPI dipped 1.75% and 1.91% respectively for the week.

Banking, Finance and Insurance sector, being the highest contributor to the market turnover accounted for around 40% of the total turnover for the day. 5,604,000 share stake of Union Assurance (UAL) held by Aviva NDB Insurance (CTCE) was acquired by John Keells Holdings (JKH) at Rs.150. The share price of UAL decreased by Rs.10.30 (5.86%) and closed at Rs.165. Aviva NDB Insurance share price appreciated in view of the capital gain made.

Investment Trusts sector also contributed significantly to the market turnover amidst institutional or high networth participation in Ascot Holdings (ASCO). Foreign investor stake in Pan Asian Power of 11,703,150 shares was sold and a total of 60 million shares were bought by Palace Path Holdings (Pvt) Ltd. for Rs.4.50 per share. 600,000 shares of Ascot Holdings (ASCO) changed hands at Rs.92 with 1,000,100 shares crossing at Rs.100 and another 2,00,000 shares crossing at Rs.110 per share. Royal Ceramics (RCL) 200,000 shares were crossed at Rs.150 per share and 37,800 of Carsons (CARS) changed hands for Rs.645 per share as at end of trading day.

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