Oct 10, 2011 (LBO) – Sri Lankan stocks resumed their slide Monday, after a slight rally Friday broke a thee-day fall, with a large deal in Laugfs Gas accounting for the bulk of turnover, brokers said. Renuka Agri Foods was the fourth most actively traded stock, closing at 7.60 rupees, up 20 cents, with 6.5 million shares done. The main All Share Price Index fell 0.44 percent (29.79 points) to 6,669.04, while the more liquid Milanka index fell 0.71 percent (42.24 points) to close at 5,935.90, according to stock exchange figures.
Turnover was 3.0 billion rupees.
A crossing or private off-market deal of 33 million Laugfs Gas shares at 48 rupees each, or about 10 percent of the firm, generated 1.77 billion rupees in turnover.
Laugfs Holdings said in a stock exchange filing it sold the stake in its subsidiary to the Employees’ Provident Fund, a state-run pension fund.
The stock was the most actively traded share, closing at 44.90 rupees, down 3.40, after hitting a day’s high of 50.50 rupees.
Laugfs Gas non-voting shares were the second most actively traded stock, closing at 27 rupees, down 2.50.
Last Friday, Laugfs Gas voting and non-voting shares were the top gainers and most actively traded stocks, accounting for the highest turnover. Voting shares had ended up 7.30 rupees at 48.30 with 20.7 million shares traded and Laugfs Gas non-voting shares gained 3.50 rupees to end at 29.50 on Friday.
In Monday’s trade, John Keells Holdings accounted for the second highest turnover of the day with 1.6 million shares done, including three crossings at 200 rupees a share. It closed flat at 200.