Sri Lankan shares slump 1.3-pct

Jan 18, 2012 (LBO) – The slide in Sri Lankan shares deepened Wednesday, despite the regulator allowing brokers to lend more money to buy stocks, brokers said. Newly listed Asia Asset Finance was the most actively traded stock and the day’s second biggest loser, closing at 5.50 rupees, down three rupees with 21.1 million shares traded.

Index heavyweight John Keells Holdings weakend further to close at 159.20 rupees, down 3.30 rupees.

Environmental Resources Investments closed at 30.40 rupees, down 3.90 with over two million shares traded. The main All Share Price Index closed down 1.32 percent (78.20 points) at 5,846.41, while the more liquid Milanka index fell 1.66 percent (83.28 points), slumping below 5,000 points, to close at 4,929.13.

Turnover was 1.4 billion rupees, according to stock exchange provisional figures.

PC Pharma which was heavily traded accounting for the highest turnover and was also the top gainer, rising 41.60 rupees to close at 51.60 rupees with 14.3 million shares done.

The company has 101 million shares in issue and was listed through the introduction process on January 18 at a reference price of 10 rupees.

There was one crossing or off-market private deal of 10 million PC Pharma shares at 50 rupees each in which analysts said the seller was most likely PCH Holdings.