Sri Lanka stock close 0.6-pct lower

June 13, 2011 (LBO) – Sri Lanka stocks closed 0.62 percent lower Monday enlivened by an initial public offering debut and speculative trading in Panasian Power, E-channeling, Blue Diamonds, dealers said. Blue Diamonds Jewellery Worldwide closed at 7.70 rupees up 1.10 rupees or 16.67 percent and 39 million shares changing hands. Meanwhile Blue Diamonds –X (warrant) closed at 2.30 rupees up 30 cents or 14.29 percent and 31 million shares traded.

Panasian Power closed at 6.90 rupees, up 10 cents with31 million shares traded, and E-channeling closed at 6.50up 70 cents or 12.28 percent and 17 million shares changing hands. Panasian Power one crossing (5.5 million shares) was reported at 6.80 per share.

DFCC Bank closed at 161 rupees, down 1.10 rupees and Lanka Orix Leasing closed at 107 rupees down 1.50 rupees.

Kalamazoo, closed at 7990.00 up 2491.00 rupees or 45.30 percent. Bimputh Lanka, a recent listing also closed at a high of 25 rupees, up 14.40 rupees or 135.85 percent. Debutant Expolanka Holdings closed at 14.30 rupees just 30 cents up from its initial public offer price with 31.65 million shares were traded.

The stock peaked at 15 rupees in mid-morning trade.

The main All Share Price Index closed at 7186.86, down 0.62 percent (45.06 points) while the Milanka index of liquid stocks also fell 0.90 percent (61.06 points) to close at 6775.88.
Turnover was 2 billion rupees.

“Movement away from index influencing heavy weights and the shift towards lucrative hot stocks continued today as well,” director, Capital trust Securities, Sarath Rajapkasa said.

In the absence of any significant company specific news or economic news expected in the market popular stock playing may continue this week, he said.