Sri Lanka stocks close down 0.62-pct

Nov 02, (LBO) – Sri Lanka’s stocks closed down Tuesday, dragged down by index heavy stocks like John Keells Holdings (JKH) and Hayleys, brokers said.

The Colombo All Share Index dipped 0.62 percent (41.79 points) to 6,710.64 points, while the Milanka Index of more liquid stocks also dipped 0.65 percent (47.34 points) to 7,228.91, according to provisional Colombo Stock Exchange data.

Turnover was just a billion rupees.

“We may see this downturn in the market trend to continue at least until the Laugfs IPO and the government budget is done with,” Nikita Tissera of SC Securities said, referring to a forthcoming share issue by a liquid petroleum gas distributor. The budget is on November 22.

“However, this slight fall in the market indices is making most shares appear at bargain rates given the current valuations.”

Index heavy JKH closed at 300.00 rupees, down 1.90 rupees while Hayleys closed at 366.20 rupees, down 4.40.

Commercial Bank closed at 276.40 rupees, up 2.30 while Sampath Bank closed at 282.00 rupees, up 1.80.

Brokers said Piramal Glass Ceylon, which announced a net profit of 157 million rupees in the September 2010 quarter, closed at 4.10 rupees, up 30 cents with 9.4 million shares changing hands.
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