Sri Lankan stocks slide 0.75 percent

Jan 30, 2009 (LBO) – Sri Lanka shares closed down 0.75 percent Friday, dragged down by worse-than-expected third quarter earnings of index heavy John Keells Holdings (JKH), dealer said. Foreign investors bought 27.3 million rupees with shares, and sold 85.4 million rupees worth shares, resulting in net sales of 58.1 million rupees.

The All Share Price Index was down percent 13.70 points to close at 1,821.24, while the Milanka index of more liquid stocks dipped 2.35 percent (47.20 points) to close at 1,964.98 points.

JKH, a diversified conglomerate closed down 2.75 rupees at 66.00 while Dialog Telekom, the island’s largest celco was down 25 cents, to close at 5.50 rupees.

Asian Hotels closed down one rupee, to close at 32, with a 500,000 share crossing at 32 rupees.

“Land and property has also moved up during the week, with hopes of the war ending,” Dharshi Ganesan, research analyst at Bartleet Mallory Stockbrokers said.

“The hotels sector moved up nine percent during the week.”

Sri Lanka Telecom closed down 25 cents to at 37.50 rupees, Commercial Bank closed down 1.50 rupees, at 94.50.