Sri Lanka stocks weaken ahead of lengthy New Year holiday

Sri Dharanee Performance Arts Theatre

April 04, 2008 (LBO) – Sri Lanka stocks closed marginally lower Friday with unstable macro economic conditions and an approaching lengthy traditional New Year holiday weakening investor interest, brokers said.

Total turnover was 231.8 million rupees, provisional data from the Colombo Stock Exchange showed. The market’s All Share Price index slipped 0.17 percent (4.53 points) to close at 2,624.97 points while the Milanka Index shed 0.31 percent (10.20 points) at 3,300.67 points.

Activity was lower with less that 10 million shares being traded during the day.

Investor interest has died down as a result of the New Year holidays next week, brokers say.

“The market conditions are not bullish and there is nothing attractive in the macro economic situation,” said a broker.

John Keells Holdings which has a heavy influence on the indices lost 1.25 rupees to close at 119.75 following deals that amounted to 17.3 million rupees.

Sri Lanka Telecom closed up 25 cents at 48.25, adding 44.2 million rupees to total turnover.

Mobile operator Dialog Telekom shed 25 cents to close at 16.75 rupees.