Sri Lanka stocks close 0.7-pct weaker

Jan 03, 2012 (LBO) – Sri Lankan stocks closed weaker Tuesday in very thin turnover with two newly listed hotels among the most actively traded shares, brokers said.

Both companies are part of the Citrus Leisure group and raised funds to build 150 room luxury beach resorts.

John Keells Holdings was also heavily traded, closing 1.80 rupees weaker at 169.20. The main All Share Price Index fell 0.65 percent (39.22 points) to 6,035.65, while the more liquid Milanka index fell 1.25 percent (65.64 points) to 5,174.28.

Turnover fell to a low of 380 million rupees, according to stock exchange provisional figures.

Waskaduwa Beach Resort was the most actively traded stock, closing up 1.50 rupees at 14 rupees after hitting a high of 17 with almost 6.4 million shares traded.

The hotel’s shares were offered at 12.50 rupees each at its recent initial public offer.

Kalpitiya Beach Resort, the third most actively traded stock, closed 50 cents lower at 17 rupees after hitting a high of 24 with 1.7 million shares traded.

Kalpitiya offered 16.2 million shares at 17.50 rupees each at its IPO.

Kalpitiya had done a private placement of 145 million new shares in February 2011 at 10 rupees each which are locked in for one year.