21/05/2010 (S.L.S.Picks) – Colombo Stock Market closed for the week today by recording losses in both indices, where All Share Price index down up by 12.68 points to close at 4235.69 & the Millanka Price Index down up by 49.85 points to close at 4738.73 points.
Turnover for the day was healthy Rs 1.7b.n. Well supported by the retail investors, High Net Worth individuals, & Institutional investors.
Foreign participation was at a low level than previous day today. Foreigners were net sellers by Rs 186m.n for the day. They purchased Rs 226m.n. worth of shares & sold shares worth of Rs 412m.n.for the day.
Stores & Supplies sector rose by 2.91% was the leading sector, followed by Beverage Food & Tobacco sector. Hotels & Travels sector was leading in the negative performer’s sector list.
There were 45 positive contributors as against 91 negative contributors for the day.
- During the week many listed companies in the Colombo Stock Exchange released their JAN – MARCH 2010 profit figures & most of companies showed improved results for the period.
- Hayleys has received investor attention today & improved in volumes & share price as well.There was a crossing for 500,000 shares at Rs 292.50
- All the Crossings took place during today's market were for most respected companies in Colombo Stock Exchange.
- There were some price improvements & renewed buying interests in the shares of CFLB group.
POSITIVE ECONOMIC OUT LOOK
- Central Bank of Sri Lanka has forecast a 6.5 % economic growth for the country in year 2010.
- Stable government to adopt consistent economic policies in the country.
- Expected boom in the Tourism sector in future. Tourist arrivals to the country has increased after the end of 30 year old civil war & already recorded a 50.3% growth so far for the year 2010. ( JAN - APRIL).
- The Economic growth in future is expected to be well supported by the development activities in the Construction & the Agricultural sectors as well.
- Sri Lanka Share Market (Colombo Stock Exchange)was ranked No 01 in Asia & second best in the world in 2009 in terms of growth. We are the best performing stock exchange in Asia so far for the year 2010.
- Announcement of the holding an Indian film festival in Sri Lanka will give a much needed boost for the country & the hotels sector.
- Expected improved earnings by the listed companies in future.
- Cricket Asia cup 2010 to be held in Dambulla Sri Lanka.
- New hopes of approving the IMF third tranche loan facility withing couple of weeks.
- Richard Pieris
- Seylan Bank (X)