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Jul 22, 2011

Negative sentiment prevails at Colombo


Colombo Stock Indices gained marginally during early trading on Thursday the 21 July 2011 but gradually dipped down to close in red. Prices dropped across the board with low activity. However, Colombo Stock market indices dropped to year to date lowest figures during market hours.

The All Share Price Index closed at 6,598.97 points, dipped 1.25% by 83.49 points and the Milanka Price Index (MPI) drastically fell by 1.31% or 81.11points to close at 6,098.94 points during the market hours. Total turnover was Rs.1.09 billion (down 20.79%) with a volume of 50.47 million shares changing hands (up 9.15%). Foreign purchases fell 1.27% to Rs.90.6 million and foreign sales also dipped 52.8% to Rs.170.43 million. Price to forward Earnings Ratio slightly fell 1.3% to 22.7 times.

There were 40 listed gainers and 186 listed losers. Month end selling pressure coupled with short term profit taking seems to weigh on the indices. Diversified sector was the main contributor to the market turnover due to John Keells Holdings (JKH) and Softlogic Holdings (SHL), while the sector index decreased by 1.39%. John Keells Holdings (JKH) was the main contributor to the market turnover with two crossings of 336,134 shares at Rs.200. The share price decreased by Rs.2.70 (1.33%) and closed at Rs.199.90.

The top turnover contributor for the market was Nanda Investments and Finance (NIFL), a share valued at Rs.1.70 rose 50% compared to yesterday by Rs. 9.30 with a turnover of Rs.23.02 million whilst 825,100 shares changed hands. The second was Hotel Sigiriya (HSIG) which contributed Rs.21.58 million. The share price rose 12.13% to Rs.82 by Rs.8.70 and a total of 274,900 shares traded.

Citrus Leisure (REEF) also contributed Rs.13 million to the turnover with 196,100 shares traded. The share price rose by Rs.1.80 (2.77%) and closed at Rs.67.40.

Banks, Finance & Insurance sector also contributed significantly to the market turnover. The sector index decreased 1.60%. Profit taking was witnessed in Softlogic Holdings (SHL), Expolanka Holdings (EXPO), Orient Garments (OGL), Brown & Company (BRWN) and Panasian Power (PAP) while renewed interest was witnessed in Hayleys (HAYL). Hotel Sigiriya (HSIG) continued to attract investors as the share price moved up by Rs.10.20 (12.19%) and closed at Rs.81.90.

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