Sri Lanka shares sag, profit taking on property stocks

Aug 29, 2008 (LBO) – Sri Lankan shares ended weaker Friday with the indices pulled down by losses in heavyweight telecom counters and profit taking seen in property stocks that rose on speculation, brokers said. Several stocks in the land and property sector had been heavily traded in recent days with their prices swinging sharply.

One such stock, Equity One, part of the Carson Cumberbatch group, which shot up over 50 percent Thursday, fell Friday, when it was the second most actively traded stock.

It was the fourth biggest loser of the day, ending down 13.33 percent or 4.50 rupees to 29.25 rupees.

Peiris said trading activity next week could depend on the release of company quarterly results.

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The All Share Price Index fell 0.52 percent (12.60 points) to 2,408.64 while the Milanka also ended down 0.59 percent (16.57 points) at 2,788.98.

Turnover was 277.7 million rupees.

Sujeeva Peiris of Bartleet Mallory Stock Brokers said there was heavy trading in John Keells Holdings and Chemical Industries (Colombo).

CIC accounted for the second highest volumes of the day with over 1.4 million shares done. It closed up 75 cents at 46.75.

JKH ended up 25 cents at 100 rupees with over 600,000 shares traded.

The indices fell mainly because of losses in Dialog Telekom and Sri Lanka Telecom both of which lost 25 cents each.

“Today we saw some selling and profit taking,” said Peiris. “Those shares which went up on speculation lost ground.”