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May 10, 2011

Positive results help gain at Colombo Bourse



Colombo Stock Indices remained in green amidst investors reacting well to positive interim results. The bullish momentum witnessed towards the end of the last week may continue this week as well. Renewed interest was witnessed in some blue chip stocks also. However, low turnover levels remain a concern.

The All Share Price Index closed at 7,377.86 points, rose 0.8% by 58.71 points and Milanka Price Index (MPI) topped 0.35% by 23.53 points to close at 6,760.41 points, during the day. Total turnover was Rs.1.61 billion (dipped 6.05%) with a volume of 83.74 million shares changing hands up 6.39%.

Foreign Purchases dropped 6.05% Rs.138 million, foreign sales dipped 33.95% to Rs.85.17 million. Price to forward Earnings Ratio (PER) decreased 0.77% to 26 times. 1.07 million shares of Hemas Holdings crossed at Rs.47 per share.

The Bank, Finance & Insurance sector was the main contributor to the market turnover mainly due to Nation Lanka Finance (CSF) with the sector index decreasing 0.31%. Nation Lanka Finance (CSF) has gained 63% since March end. Brown and Co. (BRWN) was the main contributor to the market turnover.

The share price increased by Rs 3.10 (1.25%) and closed at Rs.363.50. Brown & Co. (BRWN) has gained 44% since mid-March.

The Manufacturing sector also contributed to the market turnover sector index increasing 0.74% mainly due to Bogala Graphite (BOGA). The share price increased by Rs.22.80 (up 38.30%). Merchant Bank of Sri Lanka (MBSL) announced a final dividend of Rs.1.25 per share.

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