Sri Lanka stocks slide 0.8-pct

Dec 16, 2011 (LBO) – Sri Lankan stocks sagged further Friday in a deepening slide that saw the main index dip below 5,900 points in thin turnover, brokers said. The main All Share Price Index fell 0.82 percent (48.63 points) to 5,892.69, while the more liquid Milanka index fell 1.08 percent (56.29 points) to close at 5,134.68.

Turnover was a low 463 million rupees, one of the lowest in recent months, according to stock exchange provisional figures.

“The market remained dull and continued to descend with losses recorded in index heavy John Keells Holdings affecting the performance of both the market indices to a large extent,” SC Securities said in a report.

“Top contributors to the day’s total turnover were John Keells Holdings, Hatton National Bank non voting and HVA Foods. The three counters alone accounted for over half of the day’s market turnover.”

Dialog Axiata, which had risen 20 cents the day before after it announced the acquisition of fixed line operator Suntel, fell 10 cents to 7.90 rupees.

Trades in John Keells Holdings accounted for the largest turnover with the stock ending at 173.40 rupes, down 3.30, with 961,700 shares traded.

The sole crossing or off-market private deal for the day was 600,000 JKH shares at 177.50 rupees each.

Hatton National Bank non-voting shares closed at 79 rupees, down 3.30.

HVA Foods was actively traded, closing down 20 cents at 33.90 rupees, with 703,600 shares changing hands.