Sri Lanka shares end weaker

Apr 18, 2011 (LBO) – Sri Lankan shares closed slightly weaker Monday after a holiday break with heavy trading of a recently listed firm and interest in banking and aluminium stocks, brokers said. Alufab also saw active trading, closing at 97, up 20.40 or 26.6 percent. The stock exchange said a 10 percent price band has been imposed on the stock from April 19 to May 04. The All Share Price Index closed at 7,547.79, down 0.36 percent (27.07 points) while the more liquid Milanka index fell 0.36 percent (25.55 points) to close at 7,038.70, according to stock exchange provisional figures.

Turnover was 2.38 billion rupees.

The market perked up soon after the morning opening but went into a slide thereafter.

Free Lanka Capital Holdings which started trading Monday was the most heavily traded stock, closing at 5.80 rupees after opening at 5.00, which was also the day’s lowest price.

Over 83.9 million shares changed hands. The share hit a high of seven rupees at which a sole crossing of 5,319,148 shares was done.

Free Lanka had an initial public offering in March of 300 million shares at five rupees each.

Union Bank, another recent debutant on the bourse, was also actively traded, closing at 34.40 rupes, down 70 cents.

National Development Bank was also heavily traded with three crossings of a total of 4,282,200 shares all at 161.20 rupees each. The stock closed at 166.10, up 1.50.

There was also active trading in Lanka Aluminium Industries which closed at 68 rupees, up 4.50 with 216,900 shares done.