Sri Lankan stocks close down 0.28-pct

Aug 11, 2010 (LBO) – Sri Lankan stocks closed down Wednesday, as investors opted to take defensive positions on speculative shares despite Tuesday’s rally, while Environmental Resources Investments (ERI) group shares lost ground, brokers said.

The All Share Price Index closed at 5,078.64, down 0.28 percent (14.30 points) Wednesday, while the Milanka index of more liquid stocks fell 0.75 percent (43.79 points) to close at 5,763.05, according to stock exchange provisional figures.

Turnover was 2.45 billion rupees.

Some of the speculative stocks that rallied Tuesday lost ground, brokers said.

ERI normal shares had lost nearly 30 percent from Thursday, but made a 10 percent gain on Tuesday.

ERI closed at 95.50 rupees, down 7.30 (7.10 percent) with 1.41 million shares traded Wednesday, while its Warrants 0001 closed at 77.50 rupees, down 8.10 (9.46 percent), and W0002 closed at 51.70 rupees, down 5.70 (9.93 percent).

ERI’s W0003 closed at 49.30 rupees, down 5.20 (9.54 percent), and W0006 closed at 49.40 rupees, down 5.40 (9.85 percent).

Dankotuwa Porcelain closed at 73.20 rupees, down 8.10 (9.96 percent), while Ceylon Leather products, a unit of ERI closed at 197.70 rupees, down 21.40 (9.77 percent).

Touchwood Investments, a forestry company closed at 32.60 rupees, down 40 cents (1.21 percent) with 4.56 million shares traded, brokers said.

Aitken Spence closed at 1,800.00 rupees, down 50.00 (2.7 percent), Hayleys closed at 305.00 rupees, down 5.00 (1.61 percent), Hemas Holdings closed at 40.20 rupees, down 10 cents with 1.1 million shares traded and John Keells Holdings closed at 256.00 rupees, down 1.90 (0.74 percent).