2010 Asia’s best bourse starts 2011 with mere 0.3% gain

Tuesday, 4 January 2011 00:01 - - {{hitsCtrl.values.hits}}

Asia’s best and world’s second best performing in 2010, the Colombo Bourse began the New Year with a lacklustre but a face saving 0.3% gain.

The increase was as per the benchmark ASPI whilst the more active MPI closed flat.

Some viewed the 2011 start as uncharacteristic of a market which in 2010 produced 96% return. However others were relieved the market ended on a positive note though it failed to sustain the early morning momentum. Turnover was a healthy Rs. 1.97 billion below 2010’s daily average of Rs. 2.3 billion. “The ASPI recorded gains on sustained buying interest across the board with foreign activity on JKH and retail activity on plantations and F&B related counters,” John Keells Stock Brokers said.

“New year started off positively with retailers keeping poultry sector on the buying side whilst renewed interest was witnessed in counters CFLB and LCEY. Institutional investors returned to the market as well,” NDB Stockbrokers added.

Diversified and Beverage, Food & Tobacco were the highest contributors to the market turnover while both indices increased by 0.51% and 1.09% respectively.

Best performing sector was Information Technology (+16.19%) whilst the worst was Oil Palms (-3.32%).

Premier conglomerate John Keells Holdings made the highest contribution to the market turnover with two crossings of 650,000 shares at Rs. 300. The share price increased by Rs. 1.10 (0.37%) and closed at Rs. 299.50.

A crossing was recorded for 200,000 shares of Lanka Orix Leasing at Rs. 129. The 2011 debut trading day’s biggest gainer percentage wise was Lankem Development, up 20.13% whilst biggest loser was Huejay down 55%.

Foreign activity was negative with a net outflow of Rs. 57 million with purchases being Rs. 285.98 million

and sales amounting to Rs. 342.99 million