Sri Lanka stocks fall amid IPO debut

Dec 08, 2010 (LBO) – Sri Lanka stocks closed 0.2 percent lower Wednesday, extending losses as Laufgs Gas, a liquefied petroleum gas distributor debuted on the market closing four rupees above its offer price.

The All Share Price Index closed at 6,454.31, down 0.23 percent (14.77 points) while the Milanka index of liquid stocks dipped 0.27 percent (18.86 points) to close at 6,918.94, according to Colombo Stock Exchange (CSE) provisional figures.

Turnover was 1.6 billion rupees.

Laugfs Gas opened trading at 31 rupees and fell as low as 24.90 rupees before closing at 27.00 rupees. Laugfs was issued at 23 rupees a share. The firm sold 75 million shares in the IPO.

On the first day 30 million shares traded bringing a turnover of 821 million rupees.

“We saw the market dragged down by the index heavy and banking sector stocks,” brokers said.

Sampath Bank closed at 255.10, down 2.40 rupees, Commercial Bank closed at 266.50, down 1.60 and DFCC closed at 193.00, down 2.30 rupees.

JKH closed at 292.10, down 1.20 while Distilleries Company closed at 165.80, down 1.10 rupees.

Dialog Axiata closed at 11.90, up 0.30 cents with 1.7 million shares changing hands.