Sri Lankan stocks up 0.08 percent

July 06, 2012 (LBO) – Sri Lankan share prices snapped a four-day loosing streak to rise marginally by 0.08 percent on Friday, with activity centred around Central Finance PLC and few small cap stocks, brokers said. PC House Holdings, a computer peripheral company, slipped 50 cents to 13.40 rupees on 3.7 million shares, largely on account of a one-off deal, brokers said.

Elsewhere, Carsons Cumberbatch PLC, with investments in oil palms, beer and financial services, rose 10 cents to 464.00 rupees on 60,054 trades.

In a stock exchange filing on Friday Carsons said it has redeemed 5.5 million non-voting preference shares held by DFCC Bank at 10 rupees on June 30.

Marawila Resorts PLC, which owns and operates the 104-room Club Palm Bay hotel, said it plans to add 56 more rooms to its property.

Lankem Ceylon PLC, which owns Marawila Resorts said the board had estimated the development cost at 350 million rupees.

Sri Lankan stocks have performed poorly against its Asian peers this year, with the main indice falling just over 18 percent since January. Brokers blame the fall on the lack of liquidity among local players to sustain a buying spree. The broader All Share Price Index added 4.03 points to close at 4,928.64 on trades of 368.2 millions shares, according to Colombo Stock Exchange figures.

The 25-stock tracker Milanka Price Index edged up 0.04 percent or 2.02 points to end at 4,359.68, while the liquid S&P Sri Lanka 20 indice slipped 0.03 percent or 0.88 points to close at 2,796.51, official data showed.

Friday’s turnover was 368.23 million rupees, with foreign purchases worth 117.65 million rupees over sales of 32.50 million rupees.

Central Finance, one of the island’s oldest finance companies dominated trading in terms of turnover, but the counter fell 50 cents to 129.40 rupees on volumes of 575,762 shares.

Brokers said bulk of the trading came from a single trade of 575,000 Central Finance shares which sold at 135.00 rupees each, 5.10 rupees over the market price.

PC Pharma, slipped 20 cents to 12.30 rupees on 5.24 million shares. Brokers said a one-off deal of 3.85 million shares at 12.70 rupees (20 cents below market price) was sold towards the end of trading on Friday.

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