Sri Lanka shares end firmer, heavy trading in Dankotuwa

Sept 04, 2008 (LBO) – Sri Lankan shares indices ended slightly firmer largely owing to gains in Dialog Telekom but turnover was low although there was heavy trading in Dankotuwa Porcelain, brokers said.

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The All Share Price Index went up 0.16 percent (3.81 points) to 2,397.52 while the Milanka also gained slightly, up down 0.40 percent (11.07 points) at 2,761.65.

Turnover was 112 million rupees.

Brokers said small investors who made gains in recent speculative trading were probably waiting for the end of the settlement cycle to get money to trade again.

Dankotuwa Porcelain was the most actively traded stock and the second most active in terms of volumes.

The stock ended down 6.52 percent or 75 cents at 10.75 rupees with 799,400 shares changing hands.

The local unit of Indian Oil Corp, Lanka IOC was again heavily traded, being the third most actively traded stock. It ended flat at 25.25 with 241,500 shares done.

Brokers said falling oil prices had improved its earnings outlook, generating investor interest.

Heavyweight Dialog Telekom went up 25 cents to 11 rupees with 558,600 shares traded.

Bogala Gpahite, one of the stocks that speculators had played with recently, fell 3.85 percent or one rupee to 25 rupees on small volumes.