Sri Lanka stocks 0.71-pct down

Minister appoints Dr Swaminathan to IPACSL as Chairperson

Feb 16, 2010 (LBO) – Sri Lankan stocks closed lower Tuesday dragged down by the fall in prices of shares which had rallied on speculation, while selected blue chip stocks made gains, brokers said. The All Share Price Index closed at 3,691.04, down 26.47 points while the Milanka index of more liquid shares fell 0.05 percent (2.09 points) to close at 4,193.75.

Turnover was 639.6 million rupees, according to stock exchange provisional figures.

“The market seems to be experiencing a prolonged correctional period,” Nikita Tissera, research manager at stock brokering firm, SC Securities said.

“The Milanka Index seems to be affected since Environmental Resources is also included in it. We have seen gains in most other blue chips.”

Environmental Resources Investments closed at 193.75 rupees, down 1.00. Its 0000 warrants closed at 116.25 rupees, up 25 cents and 0001 warrants closed at 116.00 rupees, down 2.25.

Prices of the share and warrants had risen sharply in recent weeks on speculation.

Kshatriya Holdings closed at 12.25 rupees, down 25 cents with 4.5 million shares traded, brokers said.

John Keells Holdings closed at 167.75 rupees, up 2.50, and Distilleries Company of Sri Lanka closed at 115.75 rupees, down 25 cents.

Commercial Bank closed at 187.50 rupees, down 50 cents, Hatton National Bank closed at 174.00 rupees, up 25 cents, Sampath Bank closed at 212.25 rupees, down 25 cents and Seylan Bank closed at 44.75 rupees, down 50 cents.

Dialog Telekom, Sri Lanka’s largest celco closed at 7.00 rupees, up 25 cents, and Sri Lanka Telecom closed at 40.25 rupees, down 1.25.

Ceylon Tea Brokers initial public offering of 14 million shares at two rupees per share will close today.

Updated