Sri Lanka stocks end weaker

Nov 10, 2010 (LBO) – Sri Lankan stocks slumped again Wednesday, extending a losing streak, with trading drying up and a few private deals in units of the John Keells Holdings group, brokers said. The All Share Price Index closed at 6,535.09, down 0.87 percent (57.29 points) while the more liquid Milanka index fell 1.08 percent (77.63 points) to close at 7,092.24, according to stock exchange provisional figures.

Turnover was 939 million rupees.

There were two off-the floor deals in JKH, one for 174,000 shares at 293 rupees each and the other for 90,000 shares at 298 while there were two deals of its hotel unit, John Keells Hotels, of 2.87 million shares both at 21 rupees a share.

Brokers said investors were adopting a wait-and-see approach ahead of the government’s budget for 2011 to be presented on November 22.

Investors who trade on borrowed money are also being restricted with a new rule banning stock brokers giving credit to customers from January 01, 2011 to curb excessive speculation.