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Apr 3, 2011

Investors rally up across the board in Colombo Stocks



Retail investors showed interest at Colombo Stocks across the board with freedom with the end of credit clearance on Friday the 1 April 2011. Blue chip counters listed in Colombo continued to surge which helped indices to gain. All the sector indices gained whilst All Share Price Index (ASPI) and Milanka Price Index (MPI) gained 1.89% and 2.73% respectively for the week. However, relatively low turnover levels suggest that it may be challenging to continue the momentum next week. Bank, Finance & Insurance sector was the main contributor to the market turnover mainly due to Central Finance (CFIN) with the sector index increasing 1.63%.

The All Share Price Index (ASPI) closed at 7,377.22 points, rose 2.09% by 151.10 points and the Milanka Price Index (MPI) topped 2.18% by 149.89 points to close at 7,024.63 points. Total turnover was Rs.1.63 billion dipped 25.59% with a total volume of 92.97 million shares changing hands (up 49.75%). Foreign purchases fell 66.5% to Rs.265.88 million and foreign sales slightly appreciated to Rs.103.3 million during the day. Price to forward Earnings Ratio (PER) rose 2.33% to 26.3 times.

Distilleries (DIST) was the main contributor to the market turnover with a crossing of 800,000 shares at Rs.180. The share price increased by Rs.2.30 (1.28%) and closed at Rs.182. Foreign holding of the company increased by 766,700 shares.

Manufacturing sector also contributed to the market turnover due to Ceylon Grain Elevators (GRAN) and Piramal Glass (GLAS) with the sector index increasing 2.52%.

DFCC Bank(DFCC) announced an interim dividend of Rs.7 per share. The share price of the bank increased by Rs.10.80 (1.11%). Lanka Floortiles (TILE) also announced an interim dividend of Rs.2.50 per share.

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