Sri Lanka shares sink again

Sept 26, 2008 (LBO) – Sri Lankan shares sank again Friday as investors remained on the sidelines with a big deal CT Land Development propping up turnover on an otherwise dull day, brokers said.

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The All Share Price Index fell 0.16 percent (3.52 points) to 2,209.05 while the Milanka was down 0.20 percent (5.01 points) to 2,484.25. Turnover was 175 million rupees.

“The negative sentiment among investors remains. There’s no positive news (to move the market),” said Mohan Thangarajah of First Guardian Equities.

“A large deal in CT Land boosted turnover.”

Turmoil in global financial markets was adding to the gloom among investors, already cautious because of uncertainty about the ethnic war and local economy, despite gains by the military against Tamil Tigers and signs of lower inflation.

Some 5.2 million shares of CT Land changed hands at 17 rupees a share, adding 89 million rupees to the day’s turnover.