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Apr 13, 2011

Colombo Stock Indices greet “Avurudu”

Colombo stock indices surged with the rise in Bukit Darah (BUKI) & Carsons Cumberbatch (CARS) on Tuesday the 12 April 2011. Most of the sector indices gained ahead of the Sinhala and Hindu New Year falling on the week. The momentum may continue after the holiday season according to brokers. All Share Price Index (ASPI) and Milanka Price Index (MPI) ended the short week gaining 2.17% and 0.61% respectively.

The All Share Price Index (ASPI) closed at 7,574.86 points, rose 1.62% by 120.64 points and the Milanka Price Index (MPI) was appreciated 0.60% by 42.38 points closing at 7,064.25 points. Total turnover was at Rs.4.51 billion (rose 191.26%) with a total volume of 39.2 million shares changing hands (up 30.2%). Foreign purchases dropped 68.66% to Rs.115 million and foreign sales fell 24.87% 254.5 million. Price to forward Earnings Ratio (PER) increased 1.51% to 26.9 times.

The Oil Palm sector was the main contributor to the market turnover due to Bukit Darah (BUKI) with the sector index increasing 3.41%. Bukit Darah (BUKI) was the main contributor to the market turnover with a crossing of 1,175,474 shares at Rs.1,203. The share price increased by Rs.46.40 (3.87%) and closed at Rs.1,249.90.

The Diversified sector was the second main contributor to the market turnover, sector index increased by 0.84%) due to Carsons Cumberbatch (CARS). The company recorded a crossing of 1,424,079 shares at Rs 662. The share price increased by Rs 7.20 (1.07%) and closed at Rs.662.

Both the Carson (CARS) and Bukit Darah (BUKI) transactions were in connection with the share transfers to be executed for the voluntary offers to be made to minority shareholders of the four Malaysian palm oil firms of the Carson (CARS) group, including Shalimar (SHAL), Good Hope (GOOD), Indo-Malay (INDO) and Selinsing (SELI) which Carson intends to delist after repurchase of shares. In return, existing minority shareholders have been offered shares in Carson Cumberbatch (CARS) and Bukit Darah (BUKI).

The positive momentum created over the last few days has triggered the investors to continue buying stocks such as Browns & Company (BRWN), Lion Brewery (LION), Commercial Bank (COMB) and Lanka Orix Leasing (LOLC).

Several other crossings were witnessed including 1 million Commercial Bank (COMB) shares via three crossings at Rs.275 per share, Lion Brewery (LION) 200,000 shares at Rs.250 per share through two crossings, Aitken Spence Hotels (AHUN) 220,000 shares at Rs.98 per share.

The Colombo bourse is closed for next three days of the week as Sri Lanka’ longest annual holiday falls to celebrate Sinhala and Tamil New Year.


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