Sri Lanka shares close down

Managing Director Kristalina Georgieva arrives and starts her first day of work at the IMF

Mar 29, 2011 (LBO) – Sri Lankan shares closed marginally down Tuesday with interest in banking stocks especially Union Bank of Colombo (UBC) which began trading, brokers said. There were crossings of 11.2 million shares at 270 rupees each.

The All Share Price Index closed at 7,207.86, down 0.03 percent (2.23 points) while the more liquid Milanka index fell 0.31 percent (21.01 points) to close at 6,817.40, according to stock exchange provisional figures.

Turnover was 3.2 billion rupees boosted by 21 crossings or private deals, including eight of Commercial Bank and seven of UBC.

Union Bank of Colombo sharea, which opened trading Tuesday at 45 rupees, closed at 38.
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60 after hitting a high of 45 and a low of 38.

It was the most actively traded stock and the day’s highest gainer, closing up 53 percent or 13.40 rupees with almost 17.5 million shares traded.

There were seven UBC crossings of 4.5 million shares, with four million shares at 42 rupees each and 1,530,000 at 31 rupees each.

The bank had offered 15 million shares to the public in an IPO in February at 25 rupees a share

Commercial Bank was also heavily traded generating 3,032.5 million rupees in turnover and closing at 268.20 rupees, down 90 cents.

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