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May 21, 2011

Sri Lanka Stock Indices end higher for the week



The Colombo Stock indices ended in negative, paring gains earlier during the day, correcting the overreaction to extended deadlines on debt clearance. All Share Price Index (ASPI) and (MPI) gained 2.18% and 1.63% respectively for the week. The positive momentum may continue next week in view of the extension of debtor deadlines.

The Land & property sector was the main contributor to the market turnover due to Colombo Land (CLND), while the sector index dropped 2.21%. Foreign holding in the company dropped by 40,233,533 shares.

The All Share Price Index (ASPI) closed at 7,479.63 points, dipped 0.11% by 7.98 points and the Milanka Price Index (MPI) dropped 0.25% through 17.02 points to close at 6,879.99 points during the day. Turnover was Rs.3.16 billion (up 4.02%) and a volume of 174.6 million shares changed hands (up 16.73%). Foreign purchases fell 74.19% to Rs.99.32 million and foreign sales rose 228.29% to Rs.1.02 billion. Price forward Earnings Ratio (PER) dipped 0.26% to 26.7 times.

Several other crossings were done including Central Finance (CFIN) 15,000 shares at Rs.1,600, Commercial Bank (COMB) 80,000 shares at Rs.260, Renuka Agri Foods (RAL) 3,644,800 shares at Rs. 6.80, HNB Non Voting (HNB.X) 200,000 shares at Rs.125 and Ceylon Guardian (GUAR) 65,000 shares at Rs.363 per share.

The Bank, Finance & Insurance sector also contributed significantly to the market turnover due to Ceylon Guardian (GUAR) and Nation Lanka (CSF) with the sector index climbing 0.02%. John Keells Holdings (JKH) proposed a final dividend of Rs.1.00 per share. The company also proposed to subdivide three (3) existing shares into four (4) new shares. The share dropped Rs. 1.20 (0.40%) to close at Rs. 296.10. CT Land Development (CTLD) also proposed a final dividend of Rs. 0.60 per share.

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