Sri Lankan stocks close flat

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Oct 18, 2010 (LBO) – Sri Lankan shares closed flat Monday as retail investors continued to stay on the sidelines, while heavy buying interest on index heavy stocks pushed the Milanka index up, brokers said.

Ceylon Leather Products, a unit of ERI closed at 97.30 rupees, up 4.00 (2.3 percent), while its Warrants 0012 closed at 31.70 rupees, up 2.80 (9.7 percent), W0013 closed at 22.90 rupees, up 3.50 (18 percent) and W0014 21.80 rupees, up 2.70 (14.14 percent).

Dankotuwa Porcelain, another firm owned by the ERI group closed at 57.90 rupees, up 30 cents (0.52 percent). The Colombo All Share Index closed down 0.06 percent (4.27 points) to 6,622.59 points, while the Milanka Index of more liquid stocks rose 0.46 percent (32.85 points) to 7,182.11, according to provisional Colombo Stock Exchange data.

Turnover was 1.9 billion rupees.

High interest on several index heavy shares held the market from falling down further, brokers said.

Distilleries Company of Sri Lanka, an index heavy stock closed at 182.90 rupees, up 10 (5.8 percent) on almost 2.5 million shares traded, while Hatton National Bank, another index heavy share closed at 400.20 rupees, up 9.00 (2.3 percent) on 164,400 shares changing hands, brokers said.

There was buying interest on shares connected to Environmental Resources Investments (ERI) group, brokers said.

ERI shares closed at 77.00 rupees, up 50 cents (0.65 percent), while its Warrants 0001 closed at 67.10 rupees, up 2.60 (4.0 percent) and W0002 closed at 40.20 rupees, up 1.30 (3.34 percent).