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Jun 12, 2011

Turnover soars at Colombo




Colombo Stock Indices continued to fall but the market turnover crossed Rs.5 billion, driven by the land and property sector. Profit taking was witnessed on the Nation Lanka (CSF) counter while speculative trading still dominates market activities.

The All Share Price Index (ASPI) closed at 7,375.90 points, dipped 0.15% by 11.25 points and the Milanka Price Index (MPI) fell 0.13% by 9.09 points to close at 6,849.97 points, during the day. Total turnover was Rs.5.03 billion rose (84.61%) with a volume of 164.6 million shares changing hands (topped 70.65%). Foreign purchases increase 43.03% Rs.340.17 million and foreign sales also rose 59.43% Rs.242.12 million. Price to forward Earnings Ratio (PER) dropped 6.1% to 24.8 times.

Land and Property sector was the main contributor to the market turnover (due to Colombo Land), while the sector index rose by 10.54%. 1.9 million shares of Colombo Land (CLND) changed hands at Rs.46.40. The share price increased 22.16% to close at Rs.46.

Banking, Finance and Insurance sector also contributed significantly to the market turnover helped by Janashakthi (JINS) and Nation Lanka Finance (CSF). The index declined 0.08%. Both Janashakthi (JINS) and Nation Lanka (CSF) prices declined 0.94% and 2.64% respectively. Hunter and Company (HUNT) proposed a first and final dividend of Rs1.50 per share.

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