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May 9, 2011

Institutional investors boost market in Colombo

Colombo Stock Prices rebounded with almost all sector indices recording gains. A recovery was expected after the negative momentum witnessed during last few days according to brokers. Institutional investor participation was witnessed today to a certain extent and the interest may have to continue to sustain prices.

The All Share Price Index (ASPI) closed at 7,317.17 points, topped 1.44% by 103.84 points and the Milanka Price Index (MPI) increased 0.84% by 56.02 points closing at 6,747.35 points. Total turnover was at Rs.1.62 billion (fell 9.87%) with a volume of 46.6 million shares changing hands (down 0.84%).

Foreign purchases dipped 63.26% to Rs.82.3 million and foreign sales fell 2.21% to rs.73.7 million. Price to forward Earnings Ratio (PER) rose 1.56% to 26.1 times.

Several crossings were done including Aitken Spence Hotels (AHUN) 520,000 shares at Rs.97, LB Finance (LFIN) 250,000 shares at Rs.168, Ceylon Tobacco (CTC) 60,000 shares at Rs.380, Tokyo Cement Non-Voting (TKYO), (TKYO.X) 750,000 shares at Rs.44, John Keells Holdings (JKH) 84,500 shares at Rs.280 per share.

The Bank, Finance & Insurance sector was the main contributor to the market turnover mainly due to Nation Lanka Finance (CSF), HDFC Bank and LB Finance (LFIN) with the sector index increasing

1.35%.Lankem Ceylon (LCEY) was the main contributor to the market turnover. The share price increased by Rs.50.90 (10.15%) and closed at Rs.550.90. The Manufacturing sector also contributed to the market turnover with sector index increasing 1.13%.

DFCC Bank announced a final dividend of Rs.3 per share. The share price of the company moved up by Rs.4.90 (1.12%) and closed at Rs.171.80. Piramal Glass (GLAS) also announced a first & final dividend of Rs.0.30 per share.


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