Sri Lankan stocks continue to tumble

Sept 29, 2008 (LBO) – Sri Lankan stocks lost more than one percent in lackluster trading Monday as market heavyweights like Dialog Telekom, Commercial Bank and NDB tumbled amidst weak investor participation, brokers said.

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The All Share Price Index dipped 1.1 percent (23.6 points) to end at 2,185.5 points while the more liquid Milanka Index sank 1.3 percent (31.7 points) to settle at 2,452.6 points.

Turnover was 106.5 million rupees.

Stockbrokers said the main contributor to the fall was Dialog Telekom, which was down fifty cents at 8.50 rupees.

The indices were also dragged down by Commercial Bank, which fell two rupees to 106 rupees, and NDB which was down 1.50 rupees at 130 rupees.

Geeth Balasuriya of HNB Stockbrokers said both major investors and retailers remained on the sidelines.

John Keells Holdings, with 33 million rupees, and Commercial Bank with 19.2 million rupees, headed the day’s turnover.

Foreign buying was at 60.5 million rupees, while foreign selling was at 49.9 million rupees.