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Apr 30, 2011

Another slight recovery in Colombo Stocks

Colombo Stock Indices gained with a comparatively high turnover. All Share price Index (ASPI) gained around 50 points during early trading while Milanka Price Index (MPI) MPI increased gradually. MPI recovered mainly due to the price appreciations of Commercial Bank (COMB), Pan Asia Banking Corporation (PABC) and Brown & Company (BRWN).

The All Share Price Index (ASPI) closed at 7,377.65 points, rose 0.19% by 13.87 points and the Milanka Price Index (MPI) topped 0.29% by 19.96 points closing at 6,836.33 points during the market hours. Turnover was Rs.2 billion (up by 56.99%) with a volume of 44.7 million shares changing hands (rose 20.74%). Foreign purchases topped 73.68% to Rs.117.15 million and foreign sales rose 223.09% to Rs.425.09 million. Price to forward Earnings Ratio (PER) was stable at 26.3 times.

Aitken Spence (SPEN) 310,000 shares crossed at Rs.164 and Ceylon Guardian Investment (GUAR) 80,000 shares crossed at Rs.383 per share.

The Bank, Finance & Insurance sector was the main contributor to the market turnover due to Commercial Bank (COMB) and Pan Asia Banking Corporation (PABC) with the sector index increasing 0.59%. Commercial Bank (COMB) was the main contributor to the market turnover with a crossing of 1,000,000 shares at Rs.265. Foreign holding of the company decreased by 1,000,000 shares. The share price increased by Rs.2.20 (0.83%) and closed at Rs.268. The Diversified sector also contributed to the market turnover sector index decreasing 2.97% mainly due to Colombo Fort Land (CFLB).

Investors showed interest in Pan Asian Banking Corporation (PABC) with the positive interim results recorded an operating profit of Rs.196.02 million a profit growth of 190% for the quarter. The company also announced a subdivision of one share for every existing share. Ceylon Tobacco (CTC), which was amongst the top negative contributors earlier, jumped backed to the top positive contributors list. The company announced an interim dividend of Rs.4.20 less withholding tax per share.


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