Sri Lanka stocks lose steam

Aug 01, 2011 (LBO) – Sri Lanka’s share market lost steam Monday, closing slightly higher with interest in poultry stocks after a roller-coaster ride following last week’s rally on expectations the regulator would relax credit rules, brokers said. The main All Share Price Index closed at 6,854.14, up 0.13 percent (8.76 points) while the more liquid Milanka index rose 0.56 percent (34.87 points) to close at 6,244.94, according to stock exchange figures.

Turnover was 3.6 billion rupees.

Ceylon Grain Elevators was the most heavily traded stock and accounted for the day’s biggest turnover. It closed flat at 140.80 rupees with 4.6 million shares traded after hitting a high of 162 rupees.

Three Acre Farms closed at 139.20 rupees, down 1.60 rupees after rising to a high of 163 and hitting a low of 135.10 with 1.7 million shares done.

Bairaha Farms ended at 313.80 rupees, down 14.70, and hitting a high of 359 rupees, with 324,100 shares changing hands.

Orient Garments, in which a controlling stake was sold, was the day’s biggest loser, closing at 21.80 rupees, down 12.80, with a total of 30.1 million shares traded.

Finco group sold a 51 percent controlling stake in Orient Garments made up of 28.5 million shares at 21.50 rupees on the floor at 13 rupees below the market in a negotiated deal.

The stake was bought by PC House Holdings, an unlisted firm, which is the parent of listed PC House, and its chairman Mohammed Rishan.

PC House closed at 18 rupees, up 50 cents with 2.29 million shares traded.

eChannelling, which announced new investments in a subsidiary to diversify into media, advertising, leisure, finance and BPO, closed at 6.90 rupees, up 50 cents with 12.1 million shares traded.

There were three crossings of off-market private deals of John Keells Holdings all at 195 rupees a share. JKH closed at 195.40, up 4.30.