Sri Lanka stocks up 0.2-pct, speculative trading rise

Standing left to right – Mr. Dinesh Jebamani (Chief Manager Liability Product Management and New Age Media – Seylan Bank), Mr.Sudesh Peiris (Senior Manager – Digital Banking Channels – Seylan Bank), Ms. S.Senevirathne (Representative of the Revenue Department – Western Province), Mr. Tilan Wijeyesekera (Deputy General Manager – Retail Banking – Seylan Bank) and Mr. Malik Wickremanayaka (Deputy General Manager – Operations – Seylan Bank)

Aug 18, 2011 (LBO) – Sri Lanka stocks closed flat Thursday with an active retail and high net worth investor participation and more speculative trading, brokers and analysts said. Colombo’s benchmark All Share Price Index closed up 16.74 points or 0.24 percent at 7,030.85 while the Milanka Index of liquid stocks closed down 0.42 percent (26.77 points) at 6,410.12, according to stock exchange provisional figures.

Turnover was rose to a high of 6.3 billion rupees.

Market sources said the regulator may impose fresh measures to tackle questionable trades that could be creating a false market for some shares.

Colombo Land, a company that lost 5.8 million rupees in the half year to June closed at 62 rupees up 20 cents or 0.32 percent.

The stock saw 23 million shares traded for 1.6 billion rupees. Colombo Land rose as high as 73.40 rupees in intra-day trading.

HVA Foods the latest stock targeted by speculators closed at 33.60 rupees up 14.30 rupees or 76.88 percent after peaking at as high as 38.00 rupees. Turnover on the stock was a billion rupees with 31 million shares traded.

Citrus Leisure closed at 84.20 rupees up 9.60 rupees or 12.87 percent. More than 6 million shares were traded for 544 million rupees.

The Colombo Land, HVA Foods and Multi Finance was slapped a 7 day price band starting tomorrow.

Central Investments & Finance (CIFL) started trading Thursday and share closed at 12.50 rupees up 2.50 rupees of its IPO price of 10 rupees or 25 percent.

John Keels Holdings closed at 210 rupees up 0.80 rupees or 0.38 percent. Carsons Cumberbatch closed at 615 rupees down 5 rupees or 0.81 percent.

Privately negotiated deals included, Colombo Land 990,000 shares at 64 rupees, Vallibel One, 5,180,000 shares at 30 rupees, National Development bank 01 million shares at 135 rupees, and Harleys 397,584shares at 360 rupees.

Updated