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Sri Lanka stocks close slightly firmer
11 Jan, 2012 15:55:57
Jan 11, 2012 (LBO) - Sri Lankan stocks closed slightly firmer Wednesday, ending a six-day losing streak although turnover remained thin with a recovery in shares and warrants of a firm which has delayed conversion for the second time, brokers said.
The main All Share Price Index closed up 0.09 percent (5.39 points) at 5,865.06, while the more liquid Milanka index rose 0.30 percent (14.74 points) to 5,010.22.

Turnover was 578 million rupees, according to stock exchange provisional figures.

Shares of Environmental Resources Investments, which last week said it was delaying conversion of warrants, were the most actively traded and accounted for the biggest turnover. It closed up 1.60 rupees at 29.10 with almost 5.8 million shares traded.

There were two crossings or off-market private deals, one of a million ERI shares and the other of 715,000 shares both at 28 rupees each.

ERI warrants closed higher with the W0002 warrants up a rupee to end at 14.90 rupees..

Aitken Spence closed up 80 cents at 115 rupees. News report said it may be forced to pullout from a container terminal project in Colombo port after financing from a Chinese bank fell through, requiring additional financing from consortium partners.

HVA Foods was also actively traded, closing at 36.50 rupees, up 10 cents.

Textured Jersey Lanka accounted for the second biggest turnover, closing at 10 rupees, up 10 cents with a crossing of 3.3 million shares at 15 rupees each.

There was also a crossing of Nestle Lanka of 41,000 shares at 916 rupees each. It closed at 915, up 5.40.

Index heavyweight John Keells Holdings closed up 1.20 at 166.20 rupees.

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2. speculator Jan 12
The rally on the 12th came out of nowhere when rumour started to circulate that the SEC will accept the brokers request. If so we are back to where we were in August 2010
1. Guest Jan 12
I hope SEC doesn't bend to brokers. SEC should be on top. Not the brokers. Otherwise we don't need a SEC. You can just assign a broker as the regulator.

Credit should not be given with concrete assets which can be used if the worst happens. Period. Brokers should not be allowed generate virtual money out of thin air. Brokers should be more tightly regulated. The DVPS system should be introduced quickly as possible to prevent broker fraud.