Sri Lanka stocks slump to seven-month low

July 25, 2011 (LBO) – Sri Lanka share prices fell steeply Monday to a seven-month low after a brief rally in the morning to close more than 100 points lower on continued selling pressure, brokers said DFCC Bank closed at 127.50 rupees, down 2.50 with 555,800 shares traded, including a single crossing or off-market private deal of 440,000 shares at 130.00 rupees each. The main All Share Price Index closed at 6,434.34, down 1.57 percent (102.91 points) while the more liquid Milanka index fell 2.24 percent (135.18 points) to close at 6,029.75, according to stock exchange figures.

Turnover was 1.1 billion rupees.

“The market continued its dismal performance with the Colombo benchmark index, the All Share Price Index, plummeting by 1.57 percent to end the day at a seven-month low of 6,434.34 points,” SC Stockbrokers said.

“John Keells Holdings (JKH), DFCC Bank (DFCC) and Vallibel One (VONE) were the top three contributors to the day’s turnover with Central Finance and Distilleries too contributing a considerable turnover.”

Foreigners ended the day as net buyers with foreign buying worth 153.80 million rupees against foreign sales amounting to 98.18 million, resulting in a net foreign inflow of 55.61 million rupees, they said.

Vallibel One was the most actively traded stock, closing at 28.60 rupees, down 1.20 rupees, with 2.3 million shares changing hands.

Softlogic Holdings was also actively traded, closing at 23.80 rupees, down 40 cents with 1.9 million shares done.

John Keells Holdings closed at 189.10 rupees, down 5.70 with 435,200 shares done, the highest contributor to the day’s turnover.