Sri Lanka stocks close almost flat

Dec 03, 2010 (LBO) – Sri Lankan stocks ended almost flat Friday, with only limited retail trading in the market and profit taking in the index heavy stocks, brokers said.

The All Share Price Index closed at 6,547.68, up 0.14 percent (8.84 points) while the Milanka index of liquid stocks closed flat at 7,055.45, according to Colombo Stock Exchange (CSE) provisional figures.

Turnover was one billion rupees. There were 71 gainers and 109 losers.

“There is still a liquidity issue in the market and December is generally a slow month when it comes to trading on the CSE,” Rakshitha Perera of Bartleet Mallory Stockbrokers said.

The markets regulator has imposed restrictions on trading with borrowed funds.

The Securities and Exchange Commission Monday said the December deadline to clear credit to clients has been extended to June 2011, with 50 percent of the credit to be cleared by March.

However some brokers say the CSE has been too ‘credit dependent’.

JKH was the biggest contributor to turnover with two blocks of 294,000 and 125,000 shares being done at 301.00. The stock closed at 300.40, up 0.30 cents.

“Interest was also seen in the banking and telecom sectors,” Perera said.

Among banks Sampath closed at 261.70, up 1.90 rupees, Commercial Bank closed at 270.50, down 0.20 cents and DFCC closed at 200.50, down 1.20 rupees.

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