Sri Lanka stocks close down 1.4-pct

June 14, 2011 (LBO) - Sri Lanka stocks closed 1.4 percent lower with several high flying speculative stocks losing ground a newly listed Expolanka Holdings slipping below its offer price, dealers said. The main All Share Price Index closed at 7083.
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05, down 1.44 percent (103.81 points) while the Milanka index of liquid stocks also fell 1.16 percent (77.64 points) to close at 6637.18.

Turnover was 4 billion rupees.

Expolanka Holdings closed at 13.00 rupees, below its offer prices of 14.00 rupees with 27 million shares traded.

Brokers say there was a broad sell-off helped by margin calls, in a day which saw 194 loses and 48 gainers.
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Dealers said there was buying interest in large cap shares, amid a net inflow of foreign funds.

Several stocks that were pumped higher by spurts of speculative buying in recent days lost ground.

People’s Merchant PLC closed at 25.50 rupees down 2.60 rupees or 9.25 percent with 7 million shares changing hands.

Panasian Power closed at 6.20 rupees, down 70 cents with 25 million shares traded.

Singalanka closed at 758.60 rupees, up 61.33 percent or 758.60 due to favorable court order, dealers said. Bimputh Lanka, a recent listing closed at a high 36.50 rupees, up 11.50 rupees or 46 percent Alufab closed at 133.40 rupees ,up 7.80 rupees or 6.21 percent.

A 23 million share crossing of Richard Pieris was reported at 12.60 per share.