Sri Lankan stocks close down

Mar 02, 2009 (LBO) – Sri Lankan shares took a beating on Monday as investors preferring to stay away in the wake of poor corporate results published during the weekend, analysts said.

Fixed line giant Sri Lanka Telecom was down 75 cents to close at 35.

Foreign buying was at 17.5 million rupees, while foreign selling was at 9.61 million.

The All Share Price Index lost 1.33 percent (22.45 points) to end at 1,671.69 while the more liquid Milanka shed 1.34 percent (23.82 points) to close at 1,750.11.

Turnover was 76.3 million rupees.

“Due to the weak results published by the companies the market drove into the negative zone with low turnover,” said Thakshila Hulangamuwa.

The negative sentiment would continue for a few more days, but due to the low supply of shares, he said he expects the market to stabilize in the medium term.

Market heavyweight John Keells Holdings (JKH) was down 75 cents to close at 59. JKH is one of the largest diversified companies in Sri Lanka with business interest in transport, finance, leisure and real estate business sectors.

Commercial Bank was down 1.50 rupees to close at 85, while Seylan Bank was down 2.25 rupees to close at 34.50.

Dialog Telekom, a subsidiary of Telekom Malaysian, closed flat at 4.80 rupees.