Sri Lanka stocks stagnant

Sept 26, 2011 (LBO) – Sri Lankan stocks were barely changed Monday and turnover was also lower than usual with heavy trade in shares that had drawn the interest of speculators, brokers said. The main All Share Price Index rose 0.02 percent (1.42 points) to 6,736.02, while the more liquid Milanka index rose 0.03 percent (1.88 points) to close at 6,025.81, according to stock exchange figures.

Turnover was 1.4 billion rupees.

HVA Foods, the most actively traded stock, which had been falling steeply in recent days after an equally rapid rise, gained 8.60 to close at 58.60 rupees with over 2.1 million shares done. It was the day’s third highest gainer.

Tess Agro, which had drawn speculators recently, was the second most actively traded stock, closing at 6.60, up 80 cents, with 25.6 million shares traded. It accounted for the highest turnover of the day.

Muller and Phipps (Ceylon), another stock that had drawn speculators, closed at 3.30 rupees, up 20 cents with 11 million shares changing hands.

Fridge maker Regnis (Lanka), which had been pumped up by speculators recently, was also heavily traded, closing at 318.40 rupees, up 14.10.

A British Virgin Islands-based investment firm, Gulf East Finance, which has bought up to 59.27 percent of Singalanka Standard Chemicals, made a mandatory offer under trading rules to acquire the remaining shares at 55 rupees a share.

There were no crossings or off-market private deals.

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