Sri Lanka stocks close up 0.3-pct

Officials from the CA Sri Lanka overseas chapters

July 01, 2011 (LBO) – Sri Lanka stocks closed higher Friday in somewhat dull trade with transactions in Browns, Distilleries and Swarnamahal Financial Services (SFS) bolstering turnover, brokers said. The main All Share Price Index closed at 6,844.71, up 0.27 percent (18.77 points) while the more liquid Milanka index rose 0.69 percent (43.41 points) to close at 6,344.43, according to stock exchange figures.

Turnover was 1.4 billion rupees.

“Market turnover narrowed down further denoting a more subdued sentiment,” SC Securities said. “High retail participation was seen in SFS and Nation Lanka.”

Swarnamahal Financial Services, a recently listed finance firm, closed at 78.70 rupees, up 7.70 with almost 1.9 million shares traded.

Brown & Company, which was heavily traded, closed at 314.50 rupees, down 60 cents with 66,400 shares changing hands.

Brokers said 599,000 Browns shares changed hands in three crossings or off-market private deals at 318 rupees each.

Distilleries Company closed at 180.10 rupees, up 30 cents with 902,235 shares traded.

Recebt debutant Orient Garments closed at 26 rupees, up 10 cents.

SC Securities said foreigners were net sellers with a net foreign outflow of 145.65 million rupees.

Lanka Securities, in a research report, described the trading week as “lacklustre” with “marginal swings to the green terrain.”

There was a net foreign outflow of one billion rupees during the week.

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