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Mar 26, 2011

A week of recovery at Colombo Stock Exchange



Colombo Stock Indices gained while volume levels picked up marginally on Friday the 25 March 2011, All Share Price Index (ASPI) and Milanka Price Index (MPI) ended the week gaining 0.77% and 2.19% respectively. “With the Financial Year end reaching on coming week, we expect the prices to gain next week, although recording low turnover levels.” Brokers said.

The All Share Price Index (ASPI) closed at 7,240.27 points, topped 0.33% by 23.52 points and the Milanka Price Index (MPI) increased 0.65% through 44.43 points closing at 6,838.02 points during the day. Total turnover rose to Rs.2.31 billion (fell 17.48%) and a total volume of 112.79 million shares changed hands (up 25.58%). Foreign purchases increased 35.57% to Rs.112.46 million and foreign sales shot up 79.13% to Rs.415.48 million. Price to forward Earnings Ratio decreased 0.39% to 25.7 times.

Diversified sector was the main contributor to the market turnover due to Aitken Spence (SPEN) and Richard Pieris (RICH) with sector index increasing 0.22%. Manufacturing sector also contributed to the market turnover with sector index increasing 0.73%. The gain in the sector was mainly due to Sierra Cables (SIRA) in which an aggressive accumulation was witnessed towards the end of trading. The share price increased by Rs.1.20 (25.53%) and closed at Rs 6.20. Distilleries (DIST) continued to attract investors amidst the purchase of a 47% stake of Pelawatte Sugar (SUGA) on earlier day. Plantation sector was on the up amidst a recovery in the rubber prices. ASPI gained amidst the exceptional appreciations of illiquid shares such as Ascot Holdings (ASCO) and Colombo Pharmacy (PHAR).

Several crossings were done during market hours including 699,100 shares of Aitken Spence (SPEN) at Rs.163, Colombo Pharmacy (PHAR) 6,000 shares at Rs.3,500, Pan Asian Power (PAP) 30 million shares at Rs.4.50, Distilleries (DIST) 5 million shares at Rs.13.80, HNB Bank non-voting (HNB.X) 225,000 shares at Rs.209,Hemas Holdings (HHL) 522,500 shares at Rs.46 and Ceylinco Insurance (CINS) 32,000 shares at Rs.730 per share with 132,400 shares of Royal Ceramics (RCL) at Rs.156 per share.

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