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Jul 20, 2011

Negative sentiment continues at Colombo

Colombo Stock Indices continued to drop amidst lackluster retail investor participation. Price depreciation of big-cap counters such as John Keells Holdings (JKH), Carsons Cumberbatch (CARS) and Bukit Darah (BUKI) weighed on indices. However, institutional or high net-worth investor participation was witnessed to a certain extent.

The All Share Price Index (ASPI) closed at 6,675.70 points, dipped 1.02% by 68.49 points and the Milanka Price Index (MPI) depreciated 0.82% by 51.12 points to close at 6,198.20 points during the day. Total turnover was Rs.1.68 billion rose 34.67%. Foreign purchases rose 269.05% to Rs.270.11 million and foreign sales also topped 432.13% to Rs.403 million. Price to forward Earnings Ratio (PER) decreased 0.865 to 23 times.

Several crossings were done including Commercial Bank (COMB) 750,000 shares at Rs.260 via two crossings, Ceylon Tobacco (CTC) 362,200 shares at Rs.367, John Keells Holdings (JKH) 100,000 shares at Rs.203, Citizens Development Business (CDB) 1.25 million shares at Rs.80 per share.

Bank, Finance and Insurance sector were the main contributor to the market turnover due to Commercial Bank (COMB) and Citizens Development Business Finance (CDB), while the sector index decreased by 0.52%. Commercial Bank (COMB) was the main contributor to the market turnover with two crossings of 750,000 shares at Rs.260.

The share price increased by Rs.0.90 (0.35%) and closed at Rs.257. Foreign stake of the company decreased by 750,000 shares. Diversified sector also contributed significantly to the market turnover due to Softlogic Holdings (SHL) and John Keells Holdings (JKH). The sector index decreased 1.64%. The share price of Softlogic Holdings (SHL) decreased by Rs.0.40 (1.52%) and closed at Rs.26. Profit taking was witnessed in Expolanka Holdings (EXPO) and Swarnmahal Financial Services (SFS) while interest continued in Central Finance (CFIN).


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