Sri Lanka stocks close lower, AMW deals dominate trade

Aug 26, 2008 (LBO) – Sri Lanka stocks closed marginally lower while turnover reached half a billion rupees following deals in Associated Motorways (AMW) Tuesday, stockbrokers said.

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The All Share Price Index fell 0.23 percent (5.63 points) to 2,404.00 while the Milanka dropped 0.69 percent (19.28 points) to 2,784.32.

Total turnover was 500.4 million rupees.

AMW closed flat at 174.50 following deals amounting to 1.248 million shares worth 217.9 million rupees.

Dubai’s Al-Futtaim which bought in to AMW plans to build a car-assembly plant and a solid rubber tyre venture following its take-over.

The group has raised its stake in AMW to 71 percent after buying a 51 percent stake sold by the founder de Zoysa family held through Associated Electrical Corporation, another listed firm.

Deals in Chemical Industries (Colombo) which closed up 1.50 rupees at 46.50, added over 44.82 million rupees to the day’s turnover.

The Singlanka Standard Chemicals, a dormant company, saw its share close 50 cents lower at 75.50 following a sell-off by its board members, brokers said.

Apart from foreign deals on AMW, retail trade dominated the floor, brokers said.

John Keells Holdings slipped 50 cents to close at 99.00 while Sri Lanka Telecom shed 75 cents to close at 45.25 rupees on retail trading.

Dialog Telekom closed flat at 11.50 rupees.