Sri Lanka shares becalmed, investors chase Bogala Graphite

Sept 01, 2008 (LBO) – Sri Lankan shares ended hardly changed Monday with retail investors who had been playing with property stocks turning their attention to Bogala Graphite, diving its price up sharply, brokers said.

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The All Share Price Index fell 0.46 percent (0.02 points) to 2,408.18 while the Milanka ended down 0.15 percent (4.31 points) at 2,784.67.

Turnover was only 103 million rupees.

Dihan Dedigama of Asia Securities said trading was largely by retail investors.

“There was a bit of interest still on CIC and there was a bit of buying interest in Colombo Dockyard because of good quarterly results.”

CIC or Chemical Industries (Colombo) was the most active stock in terms of volume, with 566,300 shares traded, but it ended flat at 46.75 rupees.

Colombo Dockyard went up 5.71 percent or four rupees to 74 rupees with 130,800 shares done.

The yard, majority owned by Japan’s Onomichi, says it has a full order book and is also getting a lot of work to repair ships.

Brokers said there appeared to be no reason for the sudden investor interest in Bogala Graphite.

Bogala Graphite was the most actively traded stock and the third most active in terms of volumes.

It ended up almost 18 percent or four rupees at 26.25 rupees with 293,200 shares traded.

The Ceylon Glass Company, owned by India’s Piramal group, said in a stock exchange filing that its name has changed to Piramal Glass Ceylon PLC.

Another firm, Soy Foods (Lanka), also said its name has changed to Convenience Foods Lanka PLC.