Sri Lanka stocks close down 0.16 pct, rupee weaker

July 26, 2012 (LBO) - Sri Lanka's stocks fell 0.16 percent Thursday, with strong interest in ODEL which was taken over by a foreign department store at a price below today's market price, brokers said. The Colombo All Share Price Index fell 7.69 points to 4,876.19 and the S&P 20 Index of large cap stocks fell 0.23 percent (06.40 points) to 2755.59.

Turnover was Rs. 266 million.

The spot US dollar closed around 131.25 rupees with 58 billion rupees of liquidity building up in money markets, which is negative for the rupee.

The day's turnover of 266 million rupees was dominated by Odel with 52.7 million rupees, which closed up 2.80 rupees at 25.80 rupees. The firm said by Parkson Retail Asia, an East Asian department store had bought a 41.8 percent stake at 23.50 rupees a share.

A mandatory offer for all shareholders is expected at that price. The stock had been moving up for several days from around 17 rupees on take-over speculation.

Distilleries contributed 26 million rupees to turnover and Carson Cumberbatch with 23 million rupees.

DFCC closed flat at 110.00 rupees.

Dialog Axiata PLC, the countryâ€™s largest mobile phone operator closed flat at 6.00 rupees.

Aitken Spence Plc closed 10 cents flat at 111.10 rupees, John Keells Holdings slipped 90 cents to 177.90 down 0.51 percent and Distilleries Company fell 1.20 rupees to close at 120.00 rupees.

Commercial Bank slipped 20 cents to close at 97.50 rupees down 0.20 percent while Hatton National Bank fell 2.90 rupees to close at 137.10 down 2.07 percent.