Sri Lanka stocks close 0.7-pct lower

May 04, 2011 (LBO) - Sri Lanka stocks closed 0.7 lower, falling for the fourth straight day as credit tightened and a recently listed stock slumped its initial offer price in intra-day trade, brokers said. Commercial Bank non-voting shares closed down 3.70 at 175, while its voting shares were flat at 265 and PABC Bank at 53.70, down 1.20.

Diesel and Motor Engineering closed 27.60 rupees lower at 1,475.30 weighed down by hiked taxes on imported cars.
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Dialog Axiata closed down 10 cents at 10.00 rupees and Sri Lanka Telecom was flat at 55.10 rupees.

Colombo's benchmark All Share Index closed 57.4 points down at 7,213 while the Milanka Index of more liquid stocks closed 43 point lower (-0.6 percent) at 6,691.3 points.

Free Lanka Capital Holdings, a recently listed stock traded at its offer price of 5.
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Stocks fell across the board, including banks which saw good results in the March quarter, indicating that fundamentals were catching up with prices.

But Hatton National Bank closed down 1.20 at 227.90, Sampath Bank closed down 3.20 at 275.10, DFCC Bank closed down 1.0 rupee at 166.90.