Sri Lanka newly listed finance firms soar on debut

May 26, 2011 (LBO) – Sri Lankan shares closed weaker Thursday with two newly listed finance companies soaring on their debut and a property company once again the most actively traded stock, brokers said. The main All Share Price Index closed at 7,419.44, down 0.37 percent (27.25 points) while the more liquid Milanka index fell 0.19 percent (12.97 points) to close at 6,865.48, according to stock exchange provisional figures.

Turnover was 3.6 billion rupees.

Swarnamahal Financial Services, which began trading Thursday, closed at 44 rupees, up 32.60 or 286 percent with 682,600 shares traded.

The stock was listed at 11.40 rupees and opened at 100 rupees, the day’s high.

Chilaw Finance, which also began trading Thursday, closed at 30.60 rupees, up 19.60 or 178 percent. The stock was listed at 11 rupees, opened at 30 rupees and hit a high of 60 rupees.

The trades were in contrast to the listing of Senkadagala Finance which has not been traded since getting listed in March 2011.

All registered finance companies must get listed in the Colombo bourse before the end of June 2011 under new banking rules.

Colombo Land & Development Company was once again the most actively traded stock, and accounted for the day’s highest turnover.

It closed at 35.10 rupees, down 3.20 with almost 12.8 million shares changing hands. In other trades Thursday, there were three private deals in John Keells Holdings of 150,000, 70,000 and 200,000 shares, all at 300 rupees a share.