Sri Lanka stocks slump with investors taking profits

May 26, 2015 (LBO) – Sri Lanka’s stocks closed down 22.98 points with investors taking profits, brokers said. The Colombo benchmark All Share Price Index closed 22.98 points lower at 7,261.78 down 0.32 percent. The S&P SL20 closed 16.01 points lower at 4,037. 81 down 0.39 percent. Turnover was 1.18 billion rupees up from 763 million rupees on Monday, with 77 stocks closing positive against 109 negative. “Active trading was seen in the hydro power stocks and United Motors following its dividend announcements,” Lanka Securities said. “Three crossings were seen during the day’s trading in two banking stocks.” The market was dragged down by Carson and Cumberbatch closing at 410.50 down, 29.50 rupees and Ceylinco Insurance closing at 1,506.00 rupees, down 100.00 rupees. The top contributor to turnover was Good Hope closing at 1,877.40 rupees, up 276.40 rupees. FLC Hydro Power closed at 8.90 rupees, up 1.50 rupees (20.30 percent) following a dividend announcement to shareholders. United Motors also closed at 105.20 rupees, up 3.40 rupees. The Company announced a transfer a revaluation surplus of 1.73 billion rupees to the revaluation reserve account in a a stock exchange filing. In the banking sector, Hatton National Bank closed at 230.00 rupees, up 0.90 rupees and DFCC closed at 211.90 rupees, down 0.10 rupees. Commercial Bank closed flat at 165.20 rupees with to 2 million shares traded off the floor at 165.20 rupees. Distilleries Company closed at 276.40 rupees, down 3.60 rupees. John Keells Holdings closed at 200.30 rupees, down 0.30 rupees. The Company announced a share split of every seven existing ordinary shares to be subdivided to eight ordinary shares.