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Apr 18, 2011

Slow start after holidays at Colombo Stock Exchange

Colombo Stock Indices failed to continue the momentum gathered before the holiday season amidst lackluster investor participation and decline in blue chip stocks on Monday the 18 April 2011. Even Free Lanka Capital Holdings (FLCH) which commenced trading after the IPO, gains were not up to expectations according to brokers. However, buying momentum may build up over the next few weeks in anticipation of strong earnings in Financial Year 2011, 1st Quarter.

The All Share Price Index (ASPI) closed at 7,547.79 points, dipped 0.36% by 27.07 points and the Milanka Price Index (MPI) further dropped 0.36% by 25.55 points closing at 7,038.70 points during the day. Total turnover was at Rs.2.37 billion (dropped 47.36%) with a total volume of 111.28 million shares changing hands (topped 183.65%). Foreign purchases fell 3.15% to Rs.111.46 million and foreign sales rose 227.88% to Rs.834.52 million. Price to forward Earnings Ratio (PER) was stable at 26.9 times.

A total of FLCH 89.28 million shares changed hands with an average price of Rs.5.90, contributing a total of Rs.524 million for market turnover. Meanwhile a 5.3 million FLCH shares were crossed at Rs.7 per share which was the only trade recorded to be at Rs.7 value of FLCH and another 4.7 million shares crossed at Rs.5.8 per share. Alufab (ALUF) also saw active trading, closing at Rs.97, topped Rs.20.40 or 26.6%. The stock exchange said a 10% price band has been imposed on the ALUF stock from April 19 to May 04.

The Bank, Finance & Insurance sector was the main contributor to the market turnover due to NDB Bank (NDB) with the sector index decreasing 0.20%. NDB Bank was the main contributor to the market turnover with three crossings of 4,282,200 shares at Rs.161.20. The share price increased by Rs.1.50 (0.91%) and closed at Rs.166.50. Foreign stake of the company decreased by 4,301,094 shares. The Diversified sector was the second main contributor to the market turnover sector index decreased by 0.14%. Free Lanka Capital Holdings (FLCH) commenced trading in the secondary market today and recorded a crossing of 5,319,148 shares at Rs.7. The share price increased by Rs.0.70 (14%) and closed at Rs.5.70. Short term rallies witnessed on certain stocks during the week before holidays, dried up as investors turned their focus to the IPO and some illiquid stocks.100,000 Lion Brewery (LION) shares crossed at Rs.250 per share.


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