Sri Lankan stocks becalmed

Chandi Dharmaratne

June 30, 2010 (LBO) – Sri Lankan shares closed flat Wednesday as investors took profits from high value stocks, especially banks and re-invested in midcap shares, while a state fund bought into Colombo Dockyard boosting turnover by 50 percent, brokers said. Index heavy Distilleries Company of Sri Lanka, an alcohol manufacturer, closed at 129.25 rupees, down 75 cents.

Hayleys closed flat at 305.00 rupees, Hemas Holdings closed at 184.25 rupees, up 8.25 and John Keells Holdings, another index heavy stock, closed flat at 205.00 rupees.

Some investors were seen chasing selected small and midcap stocks, brokers said.

CT Land Development closed at 28.25 rupees, up 1.75 with 1.8 million shares changing hands, CW Mackie closed at 57.00 rupees, up 6.50 with almost 600,000 shares traded, brokers said.

Equity Two, the land and property development unit of Carson Cumberbatch, closed at 31.25 rupees, up 3.50 with 1.7 million shares traded, while Laxapana Batteries closed at 9.75 rupees, up 2.00 with 11.3 million shares changing hands, brokers said.

Over four million Blue Diamonds Jewellery Worldwide shares changed hands Wednesday. It closed at 2.70 rupees, up 30 cents.

Updated The All Share Price Index closed at 4,612.46, down 0.1 percent (0.52 points) while the more liquid Milanka index fell 0.41 percent (21.73 points) to close at 5,278.35.

Turnover was 4.1 billion rupees, according to stock exchange provisional figures.

In a privately negotiated off-the-floor deal the Employees’ Provident Fund bought more than 6.8 million shares of Colombo Dockyard at 280.00 rupees per share.

Colombo Dockyard shares were bought by a state fund at a premium of 8.00 rupees per share, brokers said. It closed at 278.00 rupees, up 6.75.

A stock exchange filing said the seller was Horizon Representation of Companies based in the United Arab Emirates whose nominee director ceased to be a director of Dockyard.

Investors took profits from selected high value shares, brokers said.

Commercial Bank closed at 178.50 rupees, down 2.50 with over two million shares traded, Hatton National Bank closed at 281.00 rupees, down 6.75, Sampath Bank closed at 359.25 rupees, down 3.50 and Seylan Bank closed at 81.75 rupees, down 1.25.

DFCC Bank closed at 267.75 rupees, down 75 cents, and National Development Bank closed flat at 245.00 rupees.