Sri Lanka stocks down 0.5-pct

Aug 17, 2011 (LBO) – Sri Lanka stocks closed 0.5 percent lower Wednesday as euphoria over a relaxed credit rule eased but punters chased a few speculative stocks, brokers said. The stock traded at 86 times annualized quarterly profits of 30 cents a share.

Panasian Power closed at 5.20 rupees up 40 cents or 8.33 percent. PAP 64.7 million shares were traded for 347 million rupees.

John Keels Holdings closed at 209.20 rupees down 4.80 rupees or 2.24 percent.

Carsons Cumberbatch closed at 620 rupees down 16.10 rupees or 2.53 percent.

Off market privately negotiated deals included, Vallibel One, 9.7 million shares at 30 rupees, Renuka Holdings 1.5 million shares at 63 rupees, Bukit Darah 52,000 shares at 1099 rupees and Royal Ceramicsm 140,000 shares at 150 rupees.

Colombo’s benchmark All Share Price Index close down 0.52 percent or 36.63 points at 7,014.11 while the Milanka Index of liquid stocks closed up 0.15 percent (9.70 points) at 6,436.89, according to stock exchange provisional figures.

Turnover was 4.5 billion rupees.

Speculators drove up Colombo Land June, up 12.80 rupees or 26.12 percent to 61.80 rupees merrily shrugging off a loss of 5.8 million rupees at the firm in the half year to June. The stock saw 23.7 million shares traded for 1.4 billion rupees.

Lanka Hospitals, another punter driven stock, closed at 104 rupees up 19.90 rupees or 23.66 percent, with.5 million shares were traded for 449 million rupees.