Sri Lanka stocks almost flat

Aug 13, 2008 (LBO) – Sri Lankan stocks remained virtually flat Wednesday while retail activity intensified on certain counters on speculative trading, brokers said. The All Share Price Index closed 0.17 percent (4.05 points) higher at 2,451.23 while the more liquid Milanka fell 0.33 percent (9.69 points) to 2,884.58.

Turnover was 293.95 million rupees with a handful of counters contributing through speculative trading, brokers said.

Heavyweight stocks Sri Lanka Telecom and John Keells Holdings closed lower while Dialog Telekom closed flat at 13.00.

SLT was down 0.50 cents at 44.00 while JKH lost 0.25 cents to end at 104.00, provisional data from the Colombo Stock Exchange showed.

ACL Cables was the most traded stock with over 1.33 million shares changing hands to close 1.25 rupees lower at 40.00.

ACL transactions added 53.49 million rupees to turnover.

United Motors Lanka closed up 9.75 at 86.00 rupees with 363,400 shares traded.

Investors pursed Hotel Developer Lanka which peaked at 85.00 during the day but closed 25.25 higher at 69.50. Over 697,000 shares changed hands adding 46.49 million rupees to total turnover.

Stock market activity was based on speculative trading with brokers saying the present levels of activity can be sustained throughout the week.