Sri Lankan stocks fall three-percent

Chandi Dharmaratne

May 29, 2012 (LBO) – Sri Lankan stock prices continued to slide, falling nearly three-percent as investor worried about the new trading rules, brokers said. Colombo’s main All Share Price Index was down 2.46 percent on Tuesday, or 121.75 points to close at 4,813.26. The liquid Milanka Price Index fell 2.22 percent or 98.93 points to end at 4,342.63, according to Colombo Stock Exchange figures.

Tuesday’s turnover ended at 534.27 million rupees, largely driven by trades in market heavyweights, John Keells Holdings and Commercial Bank.

Conglomerate John Keells Holdings PLC fell 3.30 rupees to 188.00 rupees on trades of 794,652.

Commercial Bank, which also runs a successful banking operation in Bangladesh, fell 90-cents to 104.00 rupees on trades of 646,148 shares.

Pan Asia Power closed flat at 2.10 rupees on 5.9 million shares.

The Colombo Stock Exchange said state-run Sanasa Development Bank Limited will list 25.17 million shares on the main board from May 31, by way of an introduction.

Sanasa’s top three shareholders are: SANASA Insurance Company Limited (4.17 percent), People’s Leasing Company PLC (3.97 percent) and the International Finance Corporation (3.57 percent).