Sri Lanka stocks end down 0.4-pct

Sept 23, 2011 (LBO) – Sri Lankan stocks slumped again Friday closing lower for the fourth straight day with turnover also falling amid continued trade in stocks that have drawn speculators, brokers said. The main All Share Price Index fell 0.41 percent (27.78 points) to 6,734.60, while the more liquid Milanka index fell 1.37 percent (83.67 points) to close at 6,023.93, according to stock exchange figures.

Turnover was 1.1 billion rupees.

Refrigerator manufacturer Regnis (Lanka), whose price was pumped up by speculators Thursday, was the most actively traded stock, rising to a new high.

It closed at 304.30 rupees, up 26.30, after hitting an intra-day high of 315 rupees, with 630,000 shares changing hands and accounting for the day’s highest turnover.

Analysts said the firm’s share price had been as low as 166 rupees as recently as last week.

“All round investor play continued which helped Regnis to record a gain of 9.46 percent over yesterday’s close,” SC Securities said.

Radiant Gems, an illiquid firm that reported losses in the June quarter, and which was also pumped up by speculators was sent up again to close at 192.50 rupees, up 8.90, after hitting a high of 197 rupees.

Tess Agro was also actively traded, closing at 5.80 rupees, up 70 cents with 6.7 million shares done.

East West was another heavily traded stock, closing at 34.90 rupees, down 70 cents.

Renuka Holdings accounted for the second highest turnover and closed at 64.20 rupees, up 3.50, with 2.2 million shares traded.

There was one crossing or off-market private deal of just over a million shares and another of 791,000 shares, both at 65.50 rupees a share.

“Renewed institutional interest was seen on Renuka Holdings,” SC Securities said in a report.