Sri Lanka stocks becalmed

June 26, 2008 (LBO) – Sri Lanka stocks closed flat Thursday with foreign transactions in conglomerates helping to prop up turnover, brokers said. The overall market was barely changed with the All Share Price Index down 0.03 percent (0.71 points) to end at 2,479.21 while the more liquid Milanka edged up 0.33 percent (9.95 points) to 3,019.91. Turnover was 274 million rupees.

Foreign selling was seen on Hemas, a conglomerate which is into fast moving consumer goods.

Hemas lost 4.00 to close at 81.00 rupees with transactions totalling 1,378,000 shares which contributed to 36 percent of the day’s turnover.

Foreign activity was also seen on Aitken Spence which closed flat at 540.00 rupees. Aitken Spence trades added 48.6 million rupees to turnover.

Brokers said retail activity in the market was low.

In telecoms, Dialog Telekom closed 25 cents lower at 14.50 and Sri Lanka Telecom closed 50 cents lower at 46.00 following retail activity.

More transactions were seen on Vallibel Power Erathna, which is being bought by a foreign investor, with 3,153,800 shares changing hands at 4.20 rupees.