Sri Lanka stocks down 0.46-pct

June 28, 2011 (LBO) – Sri Lankan stocks closed 0.46 percent lower Tuesday amid profit-taking by Environmental Resources Investment (ERI) investors and month-end clearing of debtor’s positions, brokers said. Notable crossings (off-market negotiated deals) were 454,100 shares of Distilleries at 180 rupees each, 199,300 shares of Central Finance at 1400 rupees and 200,000 Aitken Spence Hotels shares at 135 rupees. The All Share Price Index closed at 6,862.83, down 0.46 percent (31.43 points) while the Milanka Price Index of more liquid stocks closed at 6,395.78, down 0.53 percent (34.13 points), according to stock exchange provisional figures.

Turnover was 2.3 billion rupees. There were 85 gainers and 134 losers.

Central Finance was the highest contributor for the day to turnover and closed at 1,400.00 rupees, up 9.40 rupees or 0.68 percent with 448,400 shares traded generating 627 million rupees.

Environmental Resources Investment was the second highest contributor of the day to turnover and closed at 71.50 rupees, down 2.50 rupees or 3.38 percent.

More than 03 million ERI shares were traded generating 243 million rupees. During early trading it hit a high of 82 rupees when investors started profit-taking, brokers said.

Brokers also said that they are in the process of clearing the month-end debtor’s positions following a regulatory ruling which they said will impact price levels.

Union Bank fell below its IPO price of 25 rupees and traded within the range of 24.7 rupees and 25.20 rupees.