Sri Lankan shares lose momentum

Mar 05, 2008 (LBO) – Sri Lankan stocks lost momentum Wednesday with the indices barely managing to maintain the previous day’s gains and trading in York Arcade and John Keells Holdings being the main activity. The All Share Price Index up just 3.98 points to close at 2,566.23 and the more liquid Milanka went up 2.87 points to 3,216.82 with turnover falling to 250 million rupees from 502 million rupees Tuesday.

York Arcade Holdings proved to be the investor favourite with 2.3 million shares traded within a price range of 13.25 rupees and 16.50 rupees, Bartleet Mallory Stockbrokers said.

York topped the volume, contributing 36.3 million rupees to the day’s turnover and was also the highest gainer for the day, rising 2.50 rupees or 18.52 percent to sixteen rupees.

Conglomerate JKH went up two rupees with a block of 150,000 shares traded at a flat
price of 120 rupees.

Price gainers outnumbered price losers numbering 70 to 46.

Foreigners were prominent on the buying side bringing a net inflow of 28.50 million rupees for the day. .