Sri Lanka Equity Analytics

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Mar 4, 2011

Was it the long expected correction at Colombo Stock Exchange?


Heavy selling during early trading saw the indices drop sharply on Thursday the 3 march 2011 while profit taking continued and the activity got subdued at the end amidst stagnant market conditions. However, Lanka Hospitals (LHCL) and Ceylon Guardian (GUAR) attracted investors.

The All Share Price Index (ASPI) closed at 7,520.74 points, dropped 2.34% through 180.45 points and the Milanka Price Index (MPI) closed at 6,976.49 points, fell 1.69% by 120.07 points during the day. Total turnover was at Rs.2.7 billion rose 0.44% with 192 gainers and 26 losers. Foreign purchases rose 58.34% to Rs.240.73 million and foreign sales dropped 4.93% to Rs.418.6 million compared to earlier market day. Price to forward Earnings Ratio (PER) slightly dropped 2.4% to 28.5 times.

Bank, Finance & Insurance and Manufacturing sectors were the highest contributors to the market turnover while sector indices decreased by 2.34% and 2.37% respectively.

Laugfs Gas (LGL) made the highest contribution to the market turnover with three crossings of 4,604,100 shares at Rs.55 while the share price decreased by Rs.0.60 (1.14%) and closed at Rs 51.80.

Several crossings were recorded including Ceylon Grain Elevators (GRAN) two crossings amounting to 1 million shares at Rs.205 per share, John Keells Holdings (JKH) 200,000 shares at Rs.290, Citrus Leisure (REEF) 1.5 million shares at Rs.90, Sampath Bank (SAMP) 200,000 shares at Rs.290, Commercial Bank (COMB) 323,000 shares at Rs.270, Coco Lanka (COCO.N) 372,395 shares at Rs.88 and Coco Lanka-Non Voting (COCO.X) 414,270 shares at Rs.60 per share.

Globally, U.S. stocks finished a touch higher after the previous session's sharp selloff, even as crude oil rose above $100 a barrel and gold rose to a new record. Dow was up 0.07%.

Asian stock markets were higher as many investors took the opportunity to buy into beaten-down stocks. Nikkei was up 0.7%.

Sri Lanka Secondary Debt Market Treasury bond yields were almost unchanged, while the market activity was dull.

Sri Lankan Rupee appreciated as the exchange rate was recorded at Rs.110.65 to Rs.110.67 per US Dollar.

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