Sri Lanka stocks down 0.3-pct

Aug 22, 2011 (LBO) – Sri Lankan share prices closed lower Monday, following Friday’s losses, with trading largely in speculative stocks on which some profit-taking was seen, brokers said. The main All Share Price Index closed at 6,928.03, down 0.34 percent (23.61 points) while the more liquid Milanka index fell 0.66 percent (42.06 points) to close at 6,292.35, according to stock exchange figures.

Turnover was 2.38 billion rupees.

“The market sentiments were weak today in line with the overall global uncertainties,” Lanka Securities said in a report.

“Besides, on certain counters such as PC House and Multi Finance notable levels of profit realizing were depicted.”

Foreign participation accounted for six percent of total market activity with foreign investors net buyers and a net foreign inflow of 44.2 million rupees, they said.

Newly-listed tea exporter HVA Foods was the most traded stock, generating the highest turnover, closing at 39.50 rupees, up 3.40 rupees, or 9.42 percent, almost the maximum allowed under a price band. Over 11 million shares changed hands.

The Lanka Hospital Corporation was also heavily traded, with 1.6 shares done, closing at 73.30 rupees, up 2.40.

PC House, an IT firm, was also actively traded with 6.2 million shares done, closing at 19.10 rupees, down 1.30.

There was a crossing or off-market private deal of 350,000 shares of Colombo Land & Development Company at 65.50 rupees each. The stock closed at 64 rupees, down 1.60.

There was also a crossing of 250,000 shares of National Development Bank at 135 rupees each. It closed at 136 rupees, up 90 cents.