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Apr 1, 2011

Latter half lift at Colombo Stock Exchange

A buying session witnessed towards the end could not recover the initial dip in Colombo stock indices on Wednesday the 30 March 2011. “Conditions are still lackluster as expected. However, the buying momentum witnessed in the latter half is expected to continue tomorrow focusing on blue chip counters.” Brokers said.

The All Share Price Index (ASPI) closed at 7,192.72 points, down 0.21% by 15.14 points and the Milanka Price Index fell 0.08% by 5.62 points closing at 6,811.78 points. Total turnover recorded to be at Rs.1.18 billion (fell 63.57%) and a total volume of 35.6 million shares changed hands. Foreign purchase fell 56.12% to Rs.133.34 million and foreign sales dipped 83.64% to Rs.226.83 million. Price to forward Earnings Ratio (PER) fell 0.39% to 25.6 times.

Several crossing were done including HNB Bank non-voting (HNB.X) 500,000 via three crossings at Rs.205, Colombo Pharmacy 6,000 at Rs.3,600 per share.

Bank, Finance & Insurance sector was the main contributor to the market turnover due to Central Finance (CFIN), Union Bank (UBC) and HNB Bank non-voting (HNB.X)) with the sector index decreasing 0.16%.

Central Finance (CFIN) was the main contributor to the market turnover as retail investors renewed their interest on the stock. The share price increased by Rs.74.10 (6.56%) and closed at Rs.1,210. Union Bank (UBC) saw a dip today after making substantial gains on the first day of trading. John Keells (JKH) made gains to boost Milanka Price Index (MPI) to a certain extent.Manufacturing sector also contributed to the market turnover due to Royal Ceramics (RCL), with the sector index decreasing 0.56%.

People’s Merchant Bank (PMB) attracted investors after announcement about an acquisition of one of its subsidiaries, People’s Merchant Finance (PMF) by Capital Alliance Holdings which is still subject to regulatory approval. Investors reacted positively to Janashakthi Insurance (JINS) after an interim dividend announcement of Rs.1 per share.


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