Sri Lanka shares weaken, trading slumps to 4-year low

Dec 02, 2008 (LBO) – Sri Lankan shares weakened Tuesday with trading drying up and turnover slumping to a low of 33 million rupees, the lowest for four years, dealers said. Sri Lankan shares have been on a long slide owing to a slowing economy and poor company earnings amidst high inflation and interest rates.

On November 29, 2004 turnover slumped to 21.9 million rupees, the Colombo Stock Exchange said.

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The All Share Price Index fell 1.50 percent (24.59 points) to end at 1,611.91 while the more liquid Milanka lost 1.42 percent (25.91 points) to end at 1,803.58.

Chinthana Hatangala of Lanka Securities said the turnover of only 33 million rupees was the lowest this year as well as in the last 12 months.

There was no active trading on any counter and volumes were thin, except for a few trades in Haycarb and Hayleys.

A single transaction of 100,000 Haycarb shares was done at 42.50 rupees.