Sri Lankan shares close flat

Sep 28, 2009 (LBO) – Sri Lankan shares closed flat Monday, as investors took a break from an overheating market, while the trend is expected to continue for a few more days, brokers said.

The All Share Price Index was up 0.05 percent (1.59 points) to end at 2,893.64 while the more liquid Milanka fell 0.54 percent (17.58 points) to close at 3,249.75, according to provisional stock exchange figures.

Turnover was 326.8 million rupees.

“The market is currently trying to hold onto its gains. The sluggish trend can be expected to continue for a few more days,” Thakshila Hulangamuwa, vice president at stock brokerage house Asha Phillip Securities said.

“The possibilities of selected counters will be looked at by institutional and high net worth investors.”

Index heavy conglomerate John Keells Holdings (JKH) closed at 150.25 rupees, down 2.50, while Central Finance closed at 300.00 rupees, down 5.25 on thin volumes trading.

Ship builder Colombo Dockyard closed at 157.50 rupees, down 1.50, while Chevron Lubricants Lanka Limited, a unit of US based energy company Chevron closed at 150.00 rupees, down 1.00.

Hatton National Bank closed at 162.00 rupees, down 1.00, while DFCC Bank closed at 151.00 rupees, down 1.75.

Brokers said 178,000 shares of Chemanex changed hands today. It closed at 126.00 rupees, up 11.25.

Coco Lanka closed at 35.75 rupees, up 3.50 on 788,000 shares changing hands.

Celco Dialog Telekom, the Sri Lankan unit of Telekom Malaysia closed flat at 6.50 rupees, while Sri Lanka Telecom closed 44.25 rupees, up 50 cents.

Trans Asia Hotel, re-branded as Cinnamon Lakeside part of the JKH Group closed at 147.50 rupees, up 1.50.