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Saturday, May 8, 2010

Nawaloka Hospital in demand; Net ForeignBuying Rs 12.9m.n for the week - Indicies flat @ Colombo Stock Exchange

DAILY MARKET REVIEW

07/05/2010 (S.L.S.Picks) – Colombo Stock Market closed almost flat today & the All Share Price index was up by marginal 3.53 points to close at 4223.13 & the Millanka Price Index was down by 4.47 points to close at 4762.37 points.

Turnover for the day was healthy Rs 2.9b.n. Well supported by the retail investors, High Net Worth individuals, & Institutional investors.

Foreigners were active than the previous day. During this week we saw some improved foreign participation in Sri Lankan equities.

Foreigners were net buyers by substantial Rs 3.3m.n for the day & they were net buyers four out of five trading days during this whole week. This is really an encouraging factor for the local investors as the foreigners were in the selling side for the past couple of months according to the Colombo Stock Exchange data.

Foreigners purchased Rs 1,340,224,630b.n. Worth of shares & sold shares worth of
Rs1,336,876,003b.n.for the day. The most significant achievement for this week is the Rs 12.9m.n foreign inflow to the Colombo Stock Exchange. Foreigners purchased Rs 4.260b.n. Worth of shares & sold Rs 4,247b.n worth of shares for the week.

Services sector rose by 2.84% followed by IT sector. Diversified sector was leading in the negative performers sector.

There were 74 positive contributors as against 80 negative contributors for the day.

ANNOUNCEMENTS

Aitken Spence PLC has declared an interim dividend of Rs 3.50

Tokyo Cement Co. (Lanka) PLC (Voting & Non Voting) - Capitalization of reserves 1 for 8

CLOSER LOOK

Improved foreign participation during the week is a positive factor to consider. Net foreign inflow for the week was almost Rs 13.0m.n

There was massive demand for the shares of Nawaloka Hospital today as well. Investors expecting a strong recovery in the profitability of the Nawaloka hospital after their initial dispose of the part of the stake in Galadari Hotel.