Sri Lanka stocks close down 0.50-pct

Sept 28, 2010 (LBO) – Sri Lanka stocks closed down Tuesday, as retail investors booked profits, while heavy trading on Bogala Graphite, East-West Properties, Colombo Land and Development Company, and Dialog Telekom pushed turnover up, brokers said.

The All Share Price Index closed at 6,845.77, down 0.50 percent (35.77 points), while the more liquid Milanka index dipped 0.50 percent (36.21 points) to close at 7,195.96, according to stock exchange provisional figures.

Turnover was 3.2 billion rupees.

“The market took a slight dip because of the evident profit taking which would present the investors with more attractive buying opportunities,” said Nikita Tissera of SC Securities.

Bogala Graphite closed at 84.30 rupees, up 28.60 (51 percent) with 1.8 million shares changing hands, while Colombo Land and Development Company closed at 20.70 rupees, up 7.90 (62 percent) with 6.6 million shares traded.

The stock exchange said a 10 percent price band has been imposed on Bogala Graphite as well as Metropolitan Resource Holdings from September 29 to October 19, 2010.

The price bands are imposed to curb excessive price volatility.

East-West Properties closed at 16.40 rupees, up 3.30 (25 percent) with 4.6 million shares changing hands, while Dialog Axiata, a unit of Axiata of Malaysia closed at 12 rupees, up 10 cents, brokers said.

John Keells Holdings closed at 305 rupees, up 3.10. Hayleys closed at 349.00 rupees, down 3.00.