Sri Lanka stocks slip 0.5-pct

Dec 12, 2011 (LBO) – Sri Lanka’s stocks slipped 0.5 percent, with illiquid stocks losing further ground in thin trade, but more fundamentally strong stocks saw some support, brokers said. One million shares of Distilleries traded with the stock closing at 149.10 down 90 cents.

In forex markets the rupee continued to be defended at 113.90 dealers said.

The benchmark Colombo All Share Index lost 31.4 points to close 0.52 percent down at 5,965 while the Milanka Index of more liquid stocks closed almost flat just 2.7 points down at 5,228.4.

Turnover was 664.5 million rupees.

Colombo Investment Trust fell 42.80 to close at 256.00 Blue Diamonds lost 20 cents to close at 3.80 rupees, Ascot fell 4.70 to close at 157.00 rupees, Colombo Land fell 2.50 to close at 52.70 rupees, Chilaw Finance fell 90 cents to close at 21.60.

Agalawatte Plantations fell 1.50 to close at 45.00 rupees, Balangoda Plantations closed flat at 26.00 rupees, Hapugastenne fell 3.40 to 41.60 rupees, Kahawatte Plantations fell 3.20 to 25.40 rupees, rubber rich Kegalle fell 90 cents to 37.00 rupees.

Around 37,000 hectares of land in plantations firms are to be expropriated by the state.

Index heavy John Keells Holdings rose 4.80 to close at 177.40, Commercial Bank closed up 30 cents at 99.30 rupees and Hatton National Bank closed up 10 cents to close at 150.10 rupees in thin trade.