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Apr 21, 2011

Illiquid stocks fever continues at Colombo Stock Exchange




Colombo stocks Indices were stagnant on Wednesday the 20 April 2011 as turnover continued to be disappointing. Selling pressure on some blue chip stocks were subdued with buyers coming in. However, illiquid stocks continued to impress investors.

The All Share Price Index (ASPI) closed at 7,474.50 points, dropped 0.01% by 0.66 points and the Milanka Price Index (MPI) fell 0.11% by 7.63 points closing at 6,937.16 points. Total turnover was at Rs.1.88 billion (rose 34.5%) with a volume of 68.4 million shares changing hands (up by 33.6%). Foreign purchases rose 27.92% to Rs.82.88 million and foreign sales topped 37.83% to rs.126.8 million. Meanwhile, price to forward Earnings Ratio remained at 26.6 times.

The Bank, Finance and Insurance sector was the main contributor to the market turnover due to Central Finance (CFIN) with the sector index decreasing 0.81%. The share price of Central Finance (CFIN) has gained rapidly since previous week. The Diversified sector also contributed to the market turnover with sector index decreasing 0.04% due to Aitken Spence (SPEN). The company was the main contributor to the market turnover with a crossing of 1,000,000 shares at Rs.165.50. The share price increased by Rs.2.40 (1.45%) and closed at Rs.167.

Several other shares also crossed including 1.211 million shares of Aitken Spence Hotels (AHUN) via two crossings at Rs.95 per share and Ceylon Guardian Investment (GUAR) 52,000 shares at Rs.3 90 per share.

Investors continued to focus on illiquid stocks yet again as gains were witnessed in stocks such as Lake House Printers & Publishers (LPRT), Shaw Wallace & Hedges (SHAW), Arpico Finance (ARPI), Huejay International Investments (HUEJ), Printcare (CARE) and Gestetner of Ceylon (GEST). Free Lanka Capital Holdings (FLCH) has recorded a 189% growth in profits for Financial Year 2010/2011 Quarter 4 (31 December 2010 to 31 March 2011)

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