Sri Lanka IPO debuts at high premium; stocks lower

Jan 17, 2011(LBO) – Sri Lankan stocks closed lower Monday but a Singer Finance debuted on the floor at over three times is initial public offer of 15 rupees brokers said.

The All Share Price Index closed at 7,008.06, down 0.35 percent (-24.54 points) while the Milanka Price Index of more liquid stocks closed at 7,240.04, down 0.84 percent (-61.05 points) according to stock exchange provisional figures.

Turnover was 3.1 billion rupees. There were 80 gainer and 137 losers.

“Market was retail investor dominant,” Thilini Yatawara of Bartleet Mallroy Stockbrokers said.

Biggest contributor to turnover was Singer Finance with the stock closing at 49.20, up 34.20 from the IPO offer price of 15.00 rupees. The stock contributed 949 million rupees to turnover with 26.7 million shares offered to the public and over 21.2 million shares done.

First Capital Holdings closed at 28.30, up 3.70 rupees and Asia Capital closed at 82.70, up 12.70 rupees with over 900,000 shares changing hands.

Bairaha Farms closed at 435.30, up 7.10 while Odel closed at 45.60, down 2.20 rupees.

Mini-Hydro power operator Panasia Power closed flat at 4.70 with over 16 million shares done.

Dialog Axiata closed flat at 11.70 with over 5.3 million shares done. There was one crossing of five million shares at 11.80.