Sri Lanka stocks end weaker, trading dries up

Standing left to right – Mr. Dinesh Jebamani (Chief Manager Liability Product Management and New Age Media – Seylan Bank), Mr.Sudesh Peiris (Senior Manager – Digital Banking Channels – Seylan Bank), Ms. S.Senevirathne (Representative of the Revenue Department – Western Province), Mr. Tilan Wijeyesekera (Deputy General Manager – Retail Banking – Seylan Bank) and Mr. Malik Wickremanayaka (Deputy General Manager – Operations – Seylan Bank)

Aug 20, 2008 (LBO) – Sri Lankan stocks Wednesday lost the gains made yesterday as falls in the prices of blue chips dragged down the indices with trading virtually drying up, brokers said. Brokers said investors were staying away from stocks as high inflation and interest rates are hurting company profitability while making investments in money market instruments more attractive. The All Share Price Index fell 0.55 percent (13.38 points) to 2,425.23 while the more liquid Milanka dropped 0.84 percent (24.00 points) to 2,833.56.

Turnover was 99.5 million rupees.

Sri Lanka Telecom fell 2.16 percent (one rupee) to 45.25 rupees while John Keells Holdings lost 1.47 percent (1.50 rupees) to end at 100.25.

Commercial Bank fell 1.39 percent (1.75 rupees) to 124 rupees.

Dialog Telekom ended flat at 12 rupees.

Samson International was the most active traded stock and second highest gainer for the day, rising 9.21 percent (5.25) to 62.25 rupees with 121,500 shares being done.

Chemical Industries (Colombo) was again heavily trade with the stock rising 25 cents to close at 43.75 with 325,300 shares changing hands.