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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Stocks end down on forced sales

Stocks end down on forced sales

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1Stocks end down on forced sales Empty Stocks end down on forced sales Sun Mar 20, 2011 9:49 pm

advisor


Senior Equity Analytic
Senior Equity Analytic
The All Share Index of 244 stocks of the CSE came down by 128 points or 1.8% for the week to end at 7,185. The more liquid Milanka Index of 25 stocks came down by 131 points or 1.9% for the week as most retail investors took defensive positions.

This was due to the looming deadline of March 31 by which all debtor positions that existed at the commencement of the calendar year had to come down by 50%. Also weighing on the minds of investors is the sell off in commodities following the earthquake and tsunami in the east coast of Japan and the constantly changing Middle East unrest.

Turnover for the week was lower than the previous week with total turnover pegged at Rs 7.1 billion, an average daily turnover of Rs1.4 billion. Foreign participation remained low with inflow at Rs585 million and outflow at Rs857. Net outlfow for the week was Rs273 million while the previous week saw an outflow of Rs 650 million.

The Free Lanka Capital Holdings initial public offering closed on the opening day on over subscription. Meanwhile John Keells Holdings increased its stake in Union Assurance from 80.7% to 95.6% buying the stake held by AVIVA NDB Insurance.

The week also saw the entrance of yet another broker, Arrenga Capital, follwing last weeks entry of New World Securities as trading members of the CSE. The CSE has 15 members who have voting rights at CSE and 12 participatory or trading members.

The week ahead will see Senkadagala Finance shares trade on the Stock Exchange when the company introduces its shares. This will bring the number of companies on the Exchange to 245.

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