Sri Lanka shares fall for third straight day

Mar 09, 2011 (LBO) – Sri Lankan shares fell for the third straight day Wednesday as investors raised cash for new issues and settled broker credit with a correction expected after the market hit record highs, brokers said.

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The All Share Price Index closed at 7,343.45, down 1.38 percent (102.45 points) while the more liquid Milanka index fell 1.24 percent (86.02 points) to close at 6,847.34, according to stock exchange provisional figures.

Turnover was 2.3 billion rupees with 162 losers and 34 gainers.

Lankem Developments, which announced a 2.6 billion rupees rights issue to acquire control of a plantations unit and invest in plantations, leisure and hydro power, was the most actively traded stock.

It closed at 47.10 rupees, up 1.80 rupees.

There were 15 crossings or off-the-floor deals, mostly of John Keells Holdings 2.1 million shares at between 275 rupees and 280 rupees a share and also a Royal Ceramics deal of 200,000 shares at 152 rupees each.

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JKH closed at 275.40 rupees, down 7.20 rupees, and RCL closed at 152 rupees, down 2.60 rupees.

Guardian Capital Partners fell 50 rupees to close at 1,550 rupees and The Good Hope fell 100 rupees to close at 1,099.90.

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