Sri Lanka stocks slump 02-pct

July 11, 2011 (LBO) – Sri Lanka stocks fell steeply Monday with sharp falls in market heavyweights and recent debutants, brokers said. The main All Share Price Index closed at 6,767.59, down 2.09 percent (144.39 points) while the more liquid Milanka index fell 1.76 percent (112.52 points) to close at 6,274.45, according to stock exchange figures.

Turnover was 1.9 billion rupees.

There was a large transaction in Trans Asia Hotels where almost 3.5 million shares changed hands at 72 rupees each, down 21 rupees from the opening and generating the day’s biggest turnover.

The stock closed at 83 rupees, down 10 rupees or 10.75 percent.

Market heavyweight John Keells Holdings fell five rupees or 2.38 percent to close at 205 rupees while Distilleries closed flat at 180 rupees with one crossing, or off-market private deal of 475,000 shares at 180.

Recent debutant Vallibel One was the most actively traded stock, closing at 29.30 rupees, down 1.40 or 4.56 percent with 7.9 million shares done, generating the day’s second-highest turnover.

Another recently listed stock, Lanka Orix Finance Company, which was also actively traded, fell 10 percent or 1.10 rupees to close at 9.50 rupees with almost 1.9 million shares changing hands.

Orient Garments was also actively traded, closing at 32.20 rupees, up 2.40 with 6.5 million shares traded.

Brokers SC Securities said Orient Garments was the highest gainer, up 8.05 percent.

“Losses were seen across the board with a few exceptions,” SC Securities said.

Brokers Lanka Securities said the market was brought down by falls in the share prices of in index heavy counters such as John Keells Holdings, Sri Lanka Telecom and Commercial Bank.