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Apr 12, 2011

Short week starts with gains in Colombo Stocks

Continuation of momentum witnessed in the last couple of days assisted the Colombo stock indices to record marginal gains on a yet another thin- volume day on Monday the 11 April 2011. Foreign participation continued to be on the buying side, with some activity witnessed also during the day. However, some blue chip stocks faced a downturn amidst comparatively low activity.

The All Share Price Index (ASPI) closed at 7,454.22 points, increased 0.54% by 40.35 points and Milanka Price Index (MPI) appreciated just 0.01% by 0.65 points closing at 7,021.87 points during the day. Total turnover was at Rs.1.54 billion (dropped 5.57%) with a volume of 30.1 million shares changing hands (fell 1.05%). Foreign purchases rose 116.69% to Rs.367.19 million and foreign sales also topped 149.64% to close at Rs.338.78 million. However Price to Forward Earnings Ratio appreciated 0.76% to 26.5 times.

Bank, Finance & Insurance sector was the main contributor to the market turnover mainly due Commercial Bank (COMB) with the sector index decreasing 0.06%. The only crossing for the day, Commercial Bank (COMB) crossing of 1,000,000 shares at Rs.275 was the main contributor to the market turnover. The share price increased by Rs.0.40 (0.15%) and closed at Rs.271.

Beverage, Food & Tobacco was the second highest contributor to the market turnover due to Lion Brewery (LION) with the sector index increasing 0.56%. The stock which has been surging under low volume levels, attracted retail investors. Brown & Company (BRWN) continued to surge continuing the momentum from last week. The share price has increased 17.2% from the beginning of the last week. At the current market price, share is trading at a forward Price to forward Earnings Ratio of 6.74 times considering the estimated earnings for Financial Year 2010/2011.


Steven Anderson said...

I’ve always wondered which brokers provide apis, solid post.

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