Sri Lanka stocks stagnate, more trading in CIC

Aug 21, 2008 (LBO) – Sri Lankan stocks closed marginally weaker Thursday, the indices dragged down by falls in blue chips, with Chemical Industries (Colombo) again being heavily traded, brokers said. The All Share Price Index was virtually unchanged, just half a point down at 2,424.71 while the more liquid Milanka dropped 0.17 percent (4.82 points) to 2,828.74.

Turnover was 148 million rupees.

CIC gained 2.29 percent (one rupee) to end at 44.75 rupees, according to the volume weighted average price.

Bartleet Mallory Stockbrokers said CIC was heavily traded for the fourth consecutive day of the week, and was top contributor to turnover, accounting for 24.9 million rupees.

Price gainers considerably outdid price losers 60 to 38 in the day’s trading with a small foreign net inflow of funds seen.

Dialog Telekom fell 2.08 percent (0.25) to 11.75 rupees and Distilleries dropped 1.19 percent (one rupee) to 83 rupees.

Commercial Bank ended at 123.25, down 75 cents, and John Keells Holdings also closed 25 cents weaker at 100 rupees.