Sri Lanka stocks down 0.5-pct

July 18, 2011 (LBO) – Sri Lanka share prices weakened Monday after a slight two-day rally last week, with several recently listed stocks among the losers, brokers said The main All Share Price Index closed at 6,744.19, down 0.48 percent (32.84 points) while the more liquid Milanka index fell 0.98 percent (61.81 points) to close at 6,249.32, according to stock exchange figures.

Turnover was 1.3 billion rupees and there were no crossings or off-market private deals.

Expolanka Holdings was the most actively traded stock, with over 13.9 million shares done, generating the day’s highest turnover of 217 million rupees. The stock closed at 15.30 rupees, up 50 cents.

Swarnamahal Financial Services was the second most actively traded stock, closing at 117 rupees, down 7.10, with 911,100 shares changing hands.

Softlogic Holdings was also actively traded with over 6.7 million shares done, closing at 26.40 rupees, down 70 cents, and still below its IPO price of 29 rupees.

There was also heavy trading in Vallibel One, another recent debutant, with over 2.1 million shares traded. It closed at 30.90 rupees, down 80 cents.

The market had been in a bearish phase in recent weeks with restrictions on broker credits resulting in forced selling and funds tied up in IPOs.