June 25, 2008 (LBO) – Sri Lanka stocks closed flat Wednesday with Dhammika Perera’s Vallibel group buying more Hayleys shares and further increasing their stake in the conglomerate to 14.74 percent, brokers said. The overall market was barely changed with the All Share Price Index down 0.06 percent (1.41 points) to end at 2,479.92 while the more liquid Milanka edged up 0.18 percent (5.33 points) to 3,009.96. Turnover was 550 million rupees.
The biggest trades were on Hayleys which closed up 1.75 at 133.75 following deals amounting to 2,753,000 shares that added 358.61 million rupees to the turnover, brokers said.
Vallibel Power Erathna, which saw its share price being pushed up on speculative trading during the week, was again traded with 2,015,000 changing hands. The share closed ten cents higher at 4.20 rupees.
John Keells Holdings closed 50 cents lower at 112.00 and adding 75.81 million rupees to turnover.
Brokers believe investors who have sold out of Hayleys may have changed their portfolio to include JKH.
Meanwhile, Sri Lanka Telecom (SLT) closed flat at 46.50 rupees while Dialog Telekom was pushed up by 25 cents to close at 14.25.
The market might become active as investors have now received proceeds from the SLT mandatory offer, brokers said.
Aitken Spence closed five rupees lower at 540.00 while Colombo Dockyard closed 50 cents lower at 62.50 rupees.
Index heavy Bukit Darah closed 25.00 lower at 1,600.00.