Sri Lanka stocks tumble 2.34-pct

Mar 03, 2011(LBO) – Sri Lankan stocks fell sharply Thursday with losses seen across the board including in index heavy stocks in retail-driven trading, brokers said.

In November 2010, the Securities Exchange Commission said it has extended a deadline to cut credit given by brokers to their clients by six months to June 2011, with half the credit to be cut down by March 2011.

The earlier deadline was December and the SEC said it had decided to extend the deadline following representations from market participants.

The Lanka Hospitals which runs the former Apollo hospital closed at 52.30, up 12.20 rupees with over five million shares done. The stock price rose 30 percent.

John Keells Holdings closed at 289.40, down 0.10 cents with a crossing of 200,000 shares at 290.00 rupees.

Laugfs Gas closed at 51.90, down 0.60 cents with over 6.3 million shares done.

Sampath Bank closed at 287.90, down 0.10 cents and Commercial Bank closed at 260.10, down 10.40 rupees.

Sampath saw one crossing of 200,000 at 290.00 rupees and Commercial Bank saw two crossings of 200,000 and 123,000 shares at 270.00 rupees each.

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The All Share Price Index closed at 7,520.74, down 2.34 percent (180.45 points) while the Milanka Price Index of more liquid stocks closed at 6,976.49, down 1.69 percent (120.07 points) according to stock exchange provisional figures.

Turnover was 2.7 billion rupees. There were 26 gainers and 192 losers.

“Forced selling was seen in trading with the credit issue being one of the main reasons,” an analyst said.