Sri Lanka Stock Picks

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Wednesday, April 28, 2010

Colombo Stocks down on profit taking

DAILY MARKET REVIEW

27/04/2010 – Colombo Stock Market was down due to profit taking after several days of continues gains.
All Share Price Index was down by marginal 1.59 points to close at 4134.46 & the Millanka Price Index was down by 8.58 points to close at 4694.98.

Turnover for the day was Rs 2.0b.n. Supported by the retail investors, High net worth investors, & Institutional investors.

Foreign participation was at a low level. Foreigners purchased Rs 225m.n. & sold shares worth of Rs 787m.n. reflecting a net foreign out flow of Rs 562m.n.

Land & Property sector rose by 6.47% due to price appreciation of all most all the property sector shares, followed by the Foot ware & Textile sector. However Beverage Food & Tobacco sector reported a decline of 2.29% which was leading the negative performers list.

There were 77 gainers as against 78 losers.

CLOSER LOOK

Today we saw renewed buying interest in the shares of the Land & Property sector which was under performed to the market for the last couple of months. We can expect this sector to perform well in the medium to long term since our economy is recovering slowly but surely after the end of 30 year old civil war in the country. This sector clearly underperformed to the overall market due to the sluggish demand that prevailed during the past two years. However now the situation has changed & we can expect this sector has a great potential in the longer run.

Plantation sector continues to perform well in the market. Due to the improved Natural Rubber prices in the world market we can expect all the Rubber Plantation companies to report above average results in coming months.