Sri Lankan stocks close down 0.35-pct

July 09, 2010 (LBO) – Sri Lankan stocks closed down Friday as investors took profits from Thursday’s gains, while low value shares continued to dominate market volumes, brokers said. The All Share Price Index closed at 4,505.69, down 15.71 points, while the Milanka index of more liquid shares dipped 0.38 percent (19.22 points) to close at 5,094.79.

Turnover was 933 million rupees, according to stock exchange provisional figures.

“The market seems to be moving sideways as some penny stocks that attracted limelight lost their shine,” Nikita Tissera, research manager at stock brokering firm SC Securities said.

“Close to 16 billion rupees of investor funds being set aside for the ODEL initial public offering also could be a reason for this.”

Retail activity was high in small cap stocks, brokers said.

Amana Takaful, an Islamic insurance form closed at 3.40 rupees, up 10 cents with 6.25 million shares traded, at an average of 3.39 rupees per share, brokers said.

Blue Diamond Jewellery Worldwide which was heavily traded and had a wide price fluctuation in the last two weeks closed at 3.90 rupees, down 70 cents, while its non-voting shares closed at 2.00 rupees, down 30 cents.

Conglomerates, Aitken Spence closed flat at 1,500.25 rupees, up 25 cents, Hayleys closed at 300.00 rupees, down 1.50, Hemas Holdings closed flat at 36.00 and John Keells Holdings, an index heavy stock closed at 204.00 rupees, up 75 cents.