Sri Lankan stocks close down 0.86-pct

Aug 12, 2010 (LBO) – Sri Lankan stocks continued to slide Thursday, as retail investors with weak holding strength sold, while selected securities from Environmental Resources Investments group and some midcap shares rose, brokers said.

The All Share Price Index closed at 5,034.85, down 0.86 percent (43.79 points) Thursday, while the Milanka index of more liquid stocks fell 0.92 percent (53.03 points) to close at 5,710.02, according to stock exchange provisional figures.

Turnover was 860 million rupees.

Prices of selected securities from the ERI group bounced back, brokers said.

ERI normal shares closed at 99.80 rupees, up 4.30 (4.50 percent) with over 425,000 shares traded, while its Warrants 0001 closed at 80.00 rupees, up 2.50 (3.23 percent), and W0002 closed at 50.40 rupees, down 1.30 (2.51 percent).

ERI’s W0003 closed at 47.50 rupees, down 1.80 (3.65 percent), and W0006 closed at 47.40 rupees, down 2.00 (4.05 percent).

Ceylon Leather Products, a unit of ERI closed at 207.80 rupees, up 10.10 (5.11 percent), and Dankotuwa Porcelain closed at 65.90 rupees, down 7.30 (9.97 percent).

Brokers said there was heavy investor interest on Dialog Axiata. It closed at 9.90 rupees, down 10 cents with 7.8 million shares traded.

Selected midcap stocks that offered a bargain made gains, brokers said.

Ceylinco Insurance closed at 305.00 rupees, up 14.90 (5.14 percent), Ceylon Guardian Investment Trust closed at 790.00 rupees, up 2.70 (0.34 percent), Singer Sri Lanka closed at 185.00 rupees, up 8.10 (4.58 percent) and United Motors Lanka closed at 149.60 rupees, up 2.90 (1.98 percent), brokers said.