Sri Lanka stocks ended lower - motor industry fell sharply

Shares of listed importers of motor vehicles fell sharply in small quantities after a steep hike in vehicle tax last week. United Motors Ltd, agent for Mitsubishi vehicles lost eight rupees to close to 100.00 rupees while the diesel engine and Engineering Plc (DIMO) closed at 829.40 rupees, up 152.80. Colonial Motors Plc fell by 48.80 to close at 271.00 rupees. The Government of Sri Lanka last week raised taxes on the importation of vehicles to limit the outflow of foreign exchange.

 At the end of Monday's session closed at 5413.92 ASI, up 17.17 points, while Milanka closed 1.25 points lower at 4896.29. Day market turnover amounted to 694.67 million rupees. 119 stocks closed lower, while only 60 stocks managed to close higher at the end of the trading session. CTC was up 24.90 to close at 540.00 rupees. John Keells Holdings Plc closed at 208.40 rupees, up 2.40.

Index heavyweight Sri Lanka Telecom Plc fell 80 cents to close at 45.50 rupees, while Distilleries Company of Sri Lanka closed at 140.50 rupees Plc to 4.50. Namal Acuity Value Fund (NAVF) the bottom closed end the only company in the Colombo Stock Exchange lost two rupees to end the day at 61.00 rupees. However, the net asset value of the NAVF to 30 March 2012 was promoted to 81.83 rupees.

3,421,853 ordinary voting shares of Colombo Dockyard Plc included the April 2, 2012, pursuant to a capitalization of reserves of Rs. 34,218,530 in the ratio 1:20. Colombo Dockyard closed unchanged at 230.00 rupees.

Foreign investors were net buyers to net income of R 33,778,879.00.