Sri Lanka stocks flat, rupee stronger

July 17, 2012 (LBO) – Sri Lanka’s stocks closed flat Friday, losing some of the gains made a day earlier while the rupee gained sharply against the US dollar, brokers and dealers said.

Representatives of Sri Lanka’s stock market met President Mahinda Rajapaksa Friday.

The presidential secretariat said market representatives made proposals for an upcoming budget at the meeting where deputy finance minister Geethanjana Gunawardene, legislator Sajin Vass Gunewardene, secretary to the president Lalith Weeratunga and Treasury secretary P B Jayasundera was also present.

The Colombo All Share Price Index fell 2.89 points to 4,888 and the S&P20 Index of large cap stocks gained 0.3 percent (8.26 points) to 2,768.

Friday’s turnover of 284 million rupees was dominated by HVA foods with 58 million rupees and Ceylon Tobacco with 31 million rupees.

Aitken Spence closed flat at 110.50 rupees. John Keells Holdings at 180.00 rupees, DFCC at 105.50 rupees and Dialog Axiata at 610 rupees.

Distilleries Corporation fell 1.50 to 122.0 rupees down 1.21 percent.

Commercial Bank gained 20 cents to 97.50 and Hatton National Bank fell 70 cents to 91.00 rupees.

In forex markets the rupee closed at 131.60/70 to the US dollar Friday after opening weaker at 132.70/133.00 levels dealers said.