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Apr 7, 2011

Colombo Stock Market takes a dip




Colombo Stock Indices declined amidst low turnover levels on Wednesday the 6 April 2011. With the festive season approaching activity levels are likely to be modest next week as well according to brokers. “Illiquid stocks are again affecting indices in the absence of robust investor participation” brokers further added.

The All Share Price Index (ASPI) closed at 7,359.90 points, dipped 0.14% by 10.12 points and Milanka Price Index (MPI) further dipped 0.37% by 25.85 points closing at 6,996.43 points. Total turnover was Rs.1.458 billion (fell 30.61%) with a volume of 38.45 million shares changing hands (dropped 23.57%). Foreign purchases fell 47.57% to Rs.130.23 million and foreign sales also dropped 52.39% to Rs.74.14 million. However, Price to forward Earnings Ratio (PER) was stable at 26.3 times.

Bank, Finance & Insurance sector was the main contributor to the market turnover mainly due to Central Finance (CFIN) with the sector index decreasing 0.33%. Hotels & Travel sector also contributed to the market turnover due to Citrus Leisure (REEF) with the sector index increasing 0.16%. Citrus Leisure (REEF) was the main contributor to the market turnover with a crossing of 866,000 shares at Rs.75. The share price increased by Rs.1.40 (1.86%) and closed at Rs.77. Interests were shown in illiquid stocks including Singalanka (SING) and Selinsing (SELI).

Additionally, 75,000 shares of Commercial Bank (COMB) crossed at Rs.270 per share.

Short term rally of poultry stocks was halted as profit taking crept in. Indices were volatile during early trading as investors struggled to determine the post sub-division price of HNB.

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