Sri Lanka stock close -1.3-pct lower

Nov 08, 2011 (LBO) – Sri Lanka stocks closed 1.3 percent lower Tuesday in thin trading amid a broad sell off and firms listed for expropriation in an upcoming bills also falling steeply, brokers said. Large cap, Dialog Axiata, a mobile firm fell 10 cents to 8.00 rupees, Commercial Bank of Ceylon fell 1.00 rupee to 108.00, Hatton National Bank fell 4.40 to 180.70.

Ascot Holdings fell 7.70 to 160.00 rupees, Asian Alliance fell 7.60 to 197.70 rupees, Ceylon Leather Products fell 10.80 to 73.60 rupees.

Industrial Asphalts fell 89.30 rupees to 510.70 rupees.

Corrected/date The Colombo All Share Index closed at 6,322.01 falling 84.51 points and the Milanka Index of liquid stocks closed at 5,641.33 points down 57.52 points or 1.01 percent.

Stock are now down 2.0 percent since the so-called November 02, ‘Malik rally’ when SEC director general Malik Cader was removed following a crackdown on hype and dump and stock chop fraud, which powerful investors said was pushing the market down.

Turnover was 707 million rupees.

Pelwatte Sugar, a firm listed for expropriation in a law to be passed on Thursday fell 3.00 rupees to 24.00 rupees. A draft of the bill says compensation will be paid to shareholders by a compensation tribunal but the amount paid cannot be appealed.

Hotel Developers, a partly state-run firm which has Colombo’s Hilton franchise fell 7.50 to 122.50 rupees.