Sri Lankan shares weaken

Aug 11, 2008 (LBO) – Sri Lankan stocks closed weaker Monday with the indices dragged down by falls in John Keells Holdings and Distilleries, brokers said. The All Share Price Index closed down 0.08 percent (2.09 points) at 2,464.47 while the more liquid Milanka fell 0.16 percent (4.72 points) to 2,927.00.

Turnover was just 143 million rupees.

JKH fell 0.70 percent or 75 cents to 105.75 rupees while Distilleries was down 1.69 percent or 1.50 at 87 rupees on the volume weighted average price.

Brokers said the market was back to its usual slumber with investors worried that high inflation and rising costs would erode corporate profitability.

Cable manufacturer Sierra Cables was the most heavily traded stock with almost 2.4 million shares changing hands with the share ending flat at 1.80 rupees.

A crossing of a block deal of 100,000 Chevron Lubricants Lanka shares went through at 102.50 rupees with the stock being the top contributor to the day’s turnover.