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May 12, 2011

Indices continue downhill at Colombo Bourse




Both Colombo Stock indices continued to drop for the third consecutive day. The Milanka Price Index (MPI) managed to turn green as the day progressed, but did not sustain the increase. Turnover levels and volumes continued to remain unimpressive.

Colombo’s All Share Price Index (ASPI) closed at 7,280.66 points, fell 0.80% by 58.99 points and the Milanka Price Index (MPI) dipped 0.27% 18.33 points to close at 6,722.49 points. Total Turnover was Rs.1.72 billion (up 9.27%) with a total volume of 50.2 million shares changing hands (dipped 40.63%). Foreign purchases rose 436.41% to Rs.311.88 million and foreign sales rose 54.84% to Rs.210.7 million shares. Price to forward Earnings Ratio (PER) decreased 0.69% to 26 times. HNB 1 million shares crossed at Rs.220 per share and Distilleries (DIST) 449,000 shares crossed at Rs.182.50 per share.

The Bank, Finance & Insurance sector was the main contributor to the market turnover mainly due to HNB, Central Finance (CFIN) and Nation Lanka Finance (CSF), while the sector index dropped 0.42%.

HNB was the main contributor to the market turnover. The share price dropped by Rs.3.00 (1.35%) and closed at Rs.219. Foreign holding in HNB increased by 942,800 shares. HNB one million shares crossed Capital Development (CDIC) and Investment proposed a final dividend of Rs.4.10 per share. The share gained Rs 18.40 (10.11%). Ceylon Hospitals (CHL) also proposed an interim dividend of Rs.1.50

per share. HNB revised its proposed rights issue to one (1) for five (5) shares from (1) for (6) shares announced earlier. In addition, Asian Hotels and Properties (AHPL) and Trans Asia (TRAN) proposed a subdivision of two (2) for every one (1) share held.

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