Sri Lanka stocks down 1.07-pct

Oct 18, 2011 (LBO) – Sri Lanka stocks extended losses Tuesday closing 1.07 percent lower on the back of a 1.4 percent retreat Monday amid weak buying support, brokers said. The benchmark Colombo All Share Index lost 68.99 points to close at 6,389.52 and the Milanka Index of liquid stocks fell 1.36 percent (79.09 points) to close at 5,732.30 percent, according to stock exchange provisional data.

Turnover was 1.25 billion rupees, higher than yesterday’s 978 million rupees.

Asian Alliance, a stock that was earlier cornered and pumped fell 27.40 rupees to 182.40 rupees.
Colombo Pharmacy fell 147.10 to 1,302.90 rupees. Regnis Lanka fell 15.10 rupees to 456.50 and Radiant Gems International fell 10.50 to 130.20 rupees.

Hatton National Bank fell 3.70 rupees to 190.30, Commercial Bank fell 80 cents to 74.0 rupees and Sampath Bank fell 3.90 rupees to 208.20 rupees.

Analysts say valuations of some commercial banks are now looking attractive.

John Keells Holdings fell 1.20 to 198.50 rupees and Dialog Axiata fell 10 cents to 8.00 rupees.

Among the gainers were Cargills Ceylon up 1.70 to 201.80 rupees, Ceylon Tobacco up 4.50 to 394.00 rupees and Dipped Products up, 5.30 to 116.40 rupees.

In money markets the Central Bank took in 35.03 billion rupees at 7.08 percent and banks parked a further 37.5 billion rupees at the standing facility at 7.00 percent.

The weighted average repo rate fell to 7.16 percent from 7.22 percent a day earlier amid excess liquidity, according to Central Bank data.

However total excess liquidity which had climbed amid an external inflow fell to 37.5 billion rupees from 41.1 billion rupees a day earlier. The stop dollars was at 110.20 rupees.

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