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May 25, 2011

Week starts in a weak note at Colombo

The Colombo Stock indices dropped, continuing the downward momentum from last week end. All sector indices declined except the Land & Property sector. Exceptional price gains of Colombo

Land (CLND) amidst heavy retail investor participation drove the Land & Property sector, following the large transaction recorded last Friday.

The All Share Price Index (ASPI) closed down 0.54% at 7439.15 points dipped 40.48 points and the Milanka Price Index (MPI) fell 0.39% by 26.60 points to close at 6,853.39 points according to stock exchange data.

Turnover was Rs.2.9 billion (down 6.14%) with a Volume of 89.93 million shares changing hands (fell 48.49%). Foreign purchases rose 254.22% to Rs.351.8 million and foreign sales dipped 62.38% to Rs.384.19 million. Price to forward Earnings Ratio (PER) fell 0.37% to 26.6 times.

John Keells Holdings (JKH) 545,534 million shares crossed at Rs.298 per share, Commerical Bank (COMB) 500,000 shares crossed at Rs.260 and Distilleries (DIST) 300,000 shares crossed at Rs.180 per share.

The Land & property sector was the main contributor to the market turnover, while the sector index increased by 6%. Colombo Land (CLND) was the main contributor to the market turnover. The share price increased by Rs.11.70 (58.20%) and closed at Rs.32.30.

The Bank, Finance & Insurance sector also contributed significantly to the market turnover due to Commercial Bank (COMB) and Nation Lanka Finance (CSF) with the sector index dropping 0.37%.

CIC Holdings (CIC) announced a final dividend of Rs.2 per share.


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