Sri Lanka stocks close down 0.6-pct

Dec 06, 2010 (LBO) – Sri Lankan stocks ended down 0.63 percent Monday with some investors cashing out to re-align portfolios, brokers said. The All Share Price Index closed at 6,506.30, down 0.63 percent (41.38 points) while the Milanka index of liquid stocks dipped 1.12 percent (79.21 points) to close at 6,976.24, according to Colombo Stock Exchange (CSE) provisional figures.

Turnover was 1.1 billion rupees.

Seylan Bank non-voting shares were heavily traded with over 500,000 shares changing hands and the stock closing at 49.60, down 2.10 rupees.

Among other banks Sampath Bank closed at 258.10, down 3.60 rupees, Commercial Bank closed at 269.90, down 0.60 and DFCC closed at 198.00, down 2.50 rupees.

Brown and Company closed at 248.70, up 2.30.

Meanwhile, Laugfs Gas said in a stock exchange filing the firm will begin trading its voting shares on December 08 and non-voting shares the day after.

“A relatively low foreign activity level was seen during the day and foreign participation accounted to 7.47 percent of the total market activity,” Lanka Securities said in a market review.

Foreign investors were net sellers with a net foreign outflow of 53.35 million rupees.

The brokers said the market indices were dragged down by the drop in prices in stocks such as John Keells Holdings, Commercial Bank and Dialog Axiata.