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Apr 5, 2011

Momentum passive at Colombo Stock Exchange



The momentum witnessed towards the latter part of the last week was passive at Colombo Bourse on Monday the 4 April 2011. All Share Price Index (ASPI) hardly survived in the positive

region and eventually finished in red. Milanka Price Index (MPI) was up with continued price gains in blue chip counters such as John Keells Holdings (JKH). However the volatility of prices was reduced which is a positive sign according to brokers. “If stability persists the turnover levels may increase gradually. The dream run of Guardian Capital continued.” Brokers further noted.

The All Share Price Index (ASPI) closed at 7,373.14 points; dipped 0.06% by 4.08 points and the Milanka Price Index (MPI) appreciated 0.12% by 8.09 points closing at 7,032.72 points, during the day. Total turnover was Rs.1.35 billion (fell 16.86%) with a volume of 44.94 million shares changing hands (dropped 51.65%). Foreign purchases dropped 28.7% to Rs.189.58 million and foreign sales also fell 14% to Rs.88.84 million. Price to forward Earnings Ratio (PER) was stable at 26.3 times.

A single crossing of John Keells Holdings (JKH) was recorded amounting to 82,000 shares at Rs.297.50 per share.Bank, Finance & Insurance sector was the main contributor to the market turnover mainly due to LB Finance (LFIN) and HDFC Bank (HDFC) with the sector index decreasing 0.23%.

PC House (PCH) was the main contributor to the market turnover. The share price increased by Rs 0.40 (2.05%) and closed at Rs.20. Manufacturing sector also contributed to the market turnover due to Ceylon Grain Elevators (GRAN) and Royal Ceramics (RCL) with the sector index decreasing 0.04%.

Renewed interest was witnessed in poultry industry related counters such as Ceylon Grain Elevators (GRAN), Bairaha Farms (BFL) and Three Acre Farms (TAFL).

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