Sri Lanka stocks fall 0.96-pct

June 25, 2012 (LBO) – Sri Lankan share prices closed down Monday, despite large trades in Madulsima, Balangoda Plantations lifting turnover levels to over a billion rupees, brokers said. The key All Share Price Index fell 48.72 points or 0.96 percent to close at 4,990.43, while the liquid Milanka Price Index dipped 26.00 points or 0.58 percent to end at 4,452.51, according to Colombo Stock Exchange figures.

Monday’s turnover of 1.5 billion rupees was largely driven on deals in plantation stocks Madulsima and Balangoda, as well as Commercial Bank of Ceylon and Browns Beach Hotel, brokers said.

Browns Beach Hotel, with a seafront property along the Negombo coastline, dominated turnover. The counter slipped 10 cents to 13.90 rupees on trades of 54.07 million shares. Brokers said a large parcel of 54,065,132 changed hands at 13.30 rupees.

Balangoda Plantations, which is largely owned by the Distilleries Group, closed flat at 24.20 rupees on trades of 10.22 million shares.

Brokers said a parcel of 10,200,000 Balangoda shares crossed at 23.60 rupees and speculated that the Distilleries group may have sold their 43 percent stake to a friendly party.

Central Finance PLC, one of the country’s largest finance companies, closed flat at 129.00 rupees on trades of 666,678 shares. Brokers said a large parcel of 665,763 shares crossed at 129.00 rupees.

Madulsima Plantations, also owned by the Distilleries Group, closed flat at 9.10 rupees on trades of 90 million shares. The entire trade took place in one block, and broker speculated that the 31 percent stock may have been sold by Distilleries to a friendly party.

Kandy Hotels, closed down 50 cents to 5.60 rupees on trades of 13.3 million shares. Brokers said a parcel of 13,221,929 shares crossed at 5.50 rupees.

Commercial Bank’s voting stock fell 50 cents to 100.20 rupees on trades of 571,237 shares.

A parcel of 400,000 shares earlier crossed at 100.00 rupees.

Commercial Bank’s non-voting stock fell 1.00 rupee to 73.90 rupees on trades of 427,406 shares.