Sri Lankan stocks close down

Apr 02, 2009 (LBO) – Sri Lankan shares closed weaker Thursday dragged down by low volume transactions on Hatton National Bank (HNB) and Development Finance Corporation of Ceylon (DFCC), brokers said. Dialog Telekom, a subsidiary of Telekom Malaysia, closed flat at 4.80 rupees, while fixed-line giant Sri Lanka Telecom lost 25 cents to close at 34.

Foreign buying was 63.9 million rupees, while foreign selling amounted to 4.6 million, resulting in a net inflow of 59.3 million rupees.

The All Share Price Index was down 0.21 percent (3.43 points) to end at 1,636.33 while the more liquid Milanka slid 0.25 percent (4.30 points) to close at 1,722.92.

Turnover was 204.8 million rupees.

Shares of HNB, Sri Lanka’s second largest private bank, lost five rupees to close at 73, while DFCC lost one rupee to close at 67.

John Keells Holdings (JKH) was heavily traded with three crossings or off-the-floor negotiated deals among big investors, totaling 1.9 million shares going at 63.25 rupees.

JKH gained 75 cents to close at 63.25 rupees.

“Despite the JKH deal retail participation in the market is high,” said an analyst.

“We expect this trend to continue at least within the short term.”