Lanka Business Online

Sri Lanka stocks close down 1.0-pct

June 16, 2011 (LBO) – Sri Lanka stocks fell by nearly one percent Thursday to a fresh three-month low with continued massive forced selling of popular stocks of margin traders, brokers said. The main All Share Price Index closed at 7,015.71, down 0.95 percent (67.34 points) while the more liquid Milanka index fell 1.02 percent (67.78 points) to close at 6,569.40, according to stock exchange figures.

Turnover was 2.4 billion rupees.

Galadari Hotels closed at 37.20 rupees, up 9.09 percent or 3.10 mainly due to news of a proposed transfer of Galadari Hotel shares by the Galadari family to the Dubai government.

Royal Ceramics rose by 3.00 rupees or 1.88 percent to 163.00 rupees with 970,300 shares traded adding 159 million rupees to the day’s turnover.

Vallibel One, a firm controlled by businessman Dhammika Perera, which is now making a public offer of shares, has confirmed its takeover of the country’s century-old unlisted company Delmege Forsythe.

Vallibel One will buy 51 percent of Delmege and its subsidiary Royal Ceramics and related parties the balance.

Among Vallibel One’s assets are listed Royal Ceramics, former Delmege Forsythe subsidiary LB Finance and Sampath Bank.

Sampath Bank closed at 255 rupees, down 7.70 rupees or 2.93 percent with 694,900 shares traded including a 400,000 single crossing at 255 rupee per share.

Blue Diamonds Jewellery Worldwide was the highest contributor to the day’s turnover with trades worth over 207 million rupees. Its share closed at 8.90, up 1.30 rupees or 17.00 percent.
More than 25 million Blue Diamonds shares changed hands.

Recent stock market debutant Expolanka Holdings traded below its IPO price of 14 rupees to close at 12.50, down 50 cents.

“The poor performance of Expolanka will teach those who run after IPO’s a bitter lesson,” Capital Trust Stockbrokers said in a research note.

“Despite the forced selling most of the popular stocks still display ‘BUY’ signals,” the note also said.

There were two crossings of a total of 525,000 shares of John Keels Holdings at 298 rupees a share.

Dimo also saw a crossing or private deal of 84,673 shares at 1405.90 rupees each.

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