Lanka Business Online

Sri Lankan stocks close down 0.77-pct

July 05, 2010 (LBO) – Sri Lankan stocks closed lower Monday as retailers took profit on banking stocks and penny stocks continued to be heavily traded brokers said. The All Share Price Index closed at 4,558.48, down 35.17 points, while the more liquid Milanka index fell 1.35 percent (70.53 points) to close at 5,140.28.

Turnover was 1.18 billion rupees, according to stock exchange provisional figures.

“The domination of the penny stocks continued,” Nikita Tissera, research manager at SC Securities said.

“Sierra Cables, Blue Diamonds and Seylan Merchant Bank found their way in to top traded list as blue chips seemed to lose their shine with retailers.”

Blue Diamonds Jewellery Worldwide closed at 7.25 rupees, down 25 cents, while its non-voting shares closed at 3.40 rupees down 30 cents with 32 million shares traded.

Amana Takaful closed at 3.30 rupees, down 10 cents with almost 2.9 million shares traded, Muller and Phipps (Ceylon) closed at 1.50 rupees, up 10 cents with over 14 million shares traded, Piramal Glass Ceylon closed flat at 3.00 with 3.72 million shares traded. Seylan Merchant Bank closed flat at 1.90 rupees, with 23.5 million shares traded, while its non-voting shares closed flat at 1.

60 rupees with 9.0 million shares traded.

Sierra Cables closed at 3.90 rupees, up 30 cents with 32.7 million shares traded, and Tess Agro closed at 2.40 rupees, down 10 cents with 5.0 million shares traded, brokers said.

Retailers with weak holding capacity continued to cash out on high value stocks such as banks and diversified, brokers said.

Commercial Bank closed at 178.25 rupees, down 1.50, Hatton National Bank closed at 274.00 rupees, down 1.25, Nations Trust Bank closed at 53.75 rupees, up 25 cents, Sampath Bank closed at 347.00 rupees, down 7.50 and Seylan Bank closed at 75.25 rupees, down 4.25.

DFCC Bank closed at 254.00 rupees, down 3.00, and National Development Bank closed at 243.00 rupees, down 1.50.

John Keells Holdings, a diversified holding, closed at 201.

75 rupees, down 2.75, and Distilleries Company of Sri Lanka, an alcohol manufacturer closed at 128.25 rupees, down 75 cents.

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