Sri Lanka shares edge down

Apr 21, 2011 (LBO) – Sri Lankan shares closed weaker for the fourth day Thursday with active trading in newly listed firms and private deals in the dominant mobile operator which is said to be eyeing another phone company, brokers said. The All Share Price Index closed at 7,456.82, down 0.24 percent (17.68 points) while the more liquid Milanka index rose 0.14 percent (9.95 points) to close at 6,947.11, according to stock exchange provisional figures.

Turnover was 1.3 billion rupees.

There were two crossings of Dialog Axiata, a unit of Malaysia’s Axiata, which is said to be about to buy Suntel, a wireless fixed access provider owned by Sweden’s Telia.

A total of 4,081,000 Dialog shares changed hands in two deals at 10.20 rupees each. The share closed at 10.30 rupees, up 20 cents with a total of over eigh million shares done.

Free Lanka Capital Holdings was again heavily traded but ended a slide since it began trading Monday to close flat at 5.50 rupees with 4.6 million shares done.

Free Lanka Capital, which had an initial public offering in March of 300 million shares at five rupees each, Wednesday reported a sharp increase in quarterly and annual profit.

Lankem Developments, the most actively traded stock, closed at 78.70 rupees, up 1.10 with 497,600 shares done

Another stock that was heavily traded was Ceylon Grain Elevators which closed at 162.40 rupees, down 1.80.