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Sri Lankan stocks becalmed, foreigners still selling

June 16, 2010 (LBO) - Sri Lankan stocks closed flat Wednesday as high net worth investors cashed out on banking stocks and re-invested on midcap stocks, while foreign investors continued to sell, brokers said.

The All Share Price Index closed at 4,603.36, down 3.33 points, while the Milanka index of more liquid stocks rose 0.02 percent (1.2 points) to close at 5,272.23.

Turnover was 2.06 billion rupees, according to stock exchange provisional figures.

Foreign investors bought 278 million rupees worth of shares and sold 564 million, with a net foreign outflow of 286 million rupees, brokers said

Brokers said Dialog Telekom shares were heavily traded. It closed flat at 9.00 rupees, with 34.5 million shares traded.

Sri Lanka Telecom, a fixed line operator closed at 37.25 rupees, down 1.00.

Banking sector stocks took a breather after a nearly two-weeks rally, brokers said.

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Hatton National Bank closed at 295.00 rupees, down 4.75, Nations Trust Bank closed flat at 50.

50, Sampath Bank closed at 335.75, down 4.25 and Seylan Bank closed at 74.00 rupees, up 1.00.

DFCC Bank closed at 273.00 rupees, down 1.75, and National Development Bank closed at 205.50 rupees, down 2.25.

Aitken Spence closed flat at 1,600.

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00 rupees, Hayleys closed at 311.75 rupees, down 2.25, Hemas Holdings closed at 175.00 rupees, up 25 cents and John Keells Holdings, an index heavy stock closed at 205.00 rupees, up 2.00.

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