Sri Lanka stocks flat

Dec 08, 2011 (LBO) – Sri Lankan closed slightly weakener Thursday, staying just above the 6,000 point mark in thin trade, with prices of two firms which revealed fraud falling sharply, brokers said. There was a crossing or off-market private deal of 458,040 shares of Distilleries Company at 150 rupees each, the price at which it closed, unchanged from the day before. The share accounted for the day’s biggest turnover.

Index heavyweight John Keells Holdings closed 1.50 higher at 173.60 rupees.

Orient Garments, which fell 40 cents to close at 36.40 rupees, and HVA Foods, which ended at 39.10, up 10 cents, were also actively traded. The main All Share Price Index fell 0.03 percent (1.60 points) to 6,027.19, while the more liquid Milanka index fell 0.02 percent (0.81 points) to close at 5,248.97.

Turnover fell to 517 million rupees, according to stock exchange provisional figures.

First Capital Holdings and Dunamis Capital, the most actively traded share, were among the top losers of the day after they revealed losses from a fraud.

First Capital Holdings dropped 1.50 rupees to end at 15.50 rupees and Dunamis Capital fell 2.70 rupees to 15 rupees.

First Capital Holdings said a fraud committed by a senior employee in a subsidiary had resulted in an estimated loss of 160 million rupees.

Dunamis Capital, a related firm, said in a stock exchange filing that preliminary inquiries show the impact on its balance sheet will be 105 million rupees.

Dunamis Capital had been actively traded Wednesday, closing at 17.70 rupees, up 1.30, with 1.8 million shares changing hands, and hitting a high of 19.20.