Sri Lanka shares extend losses

Sri Lanka's Prime Minister Ranil Wickremesinghe arrives with flowers to receive blessings at the Gangaramaya Buddhist Temple, Colombo, Sri Lanka on Wednesday 4 April 2018. On wednesday (4), Wickremesinghe survived a no-confidence motion in the Sri Lankan parliament with a 46 vote majority after a 12-hour debate with 122 MPs voted in his support while 76 MPs voting to remove the prime minister. (Photo by Tharaka Basnayaka/NurPhoto via Getty Images)

Oct 08, 2008 (LBO) – Sri Lankan share prices ended 3.0 percent lower Wendesday a day after stock fell 2.0 percent amidst unprecedented unraveling of the global financial system, in a day where Asian and Middle Eastern markets plunged.

The All Share Price Index fell 64 points to 2,042.13 while the more liquid Milanka plunged 83 points to 2,259.40.

Turnover was 216 million rupees.

Brokers said most large cap stocks fell, dragging down the indices.

Dialog Telekom sank one rupee to close at 6.75 rupees, an all-time low.

Brokers said investors were worried about growing competition in the telecom sector which has eroded Dialog’s market share and profitability.

Other stocks that fell included Ceylon Tobacco Company, Richard Pieris and Ceylinco Insurance.

Also, sharp falls in global markets made investors jittery as a global economic slowdown could affect the profitability of companies. Indonesia halted trading after stocks fell more than 10 percent, while Asia Pacific markets closed lower.

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