Sri Lanka stocks close 1.4-pct lower

Kris Canekeratne at LBR LBO Tech Conference

Nov 15, 2010 (LBO) – Sri Lanka stocks closed 1.4 percent lower Monday in a broad sell-off in a continuing correction in thin trade, as buyers awaited a budget next week, brokers said.

The All Share Price Index closed at 6,507.15, down 1.41 percent (92.91 points) while the more liquid Milanka index fell 1.81 percent (129.47 points) to close at 7,028.48, according to stock exchange provisional figures.

Turnover was 760 million rupees.

The Bukit Darah Company, which owns oil palm in East Asia closed at 8,279.00, down 171.00 rupees.

“So far, the earnings have been giving us positive signals and we believe the investors, especially retail are adopting a wait and see approach given the budget and the uncertainties in the credit regulations.” Nikita Tissera of S C Securities said.

Diesel and Motor Engineering Company which said profits grew 368 percent in the September quarter also closed down 3.0 rupees at 1,000 rupees.

Index heavy John Keells Holdings closed at 295.00, down 3.80 while its hotel unit, John Keells Hotels, closed at 20.70, down 0.30 cents with 2.2 million shares changing hands.

Among banks Sampath closed at 265, down 9.00 rupees, Commercial Bank closed at 265.00, down 9.00 and DFCC closed 204.00, down 11.40.