Sri Lanka shares break slide on thin trading

Dec 10, 2008 (LBO) – Sri Lankan shares ended slightly firmer Wednesday but on razor thin turnover with brokers saying the minor upturn after a long slide was likely to be short-lived.

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The All Share Price Index gained 1.31 percent (20.22 points) to end at 1,568.91 while the more liquid Milanka rose 1.87 percent (32.24 points) to end at 1,752.78.

Turnover was 17 million rupees, not much higher than the six-year low of 13 million rupees to which trading slumped on December 4.

Dialog Telekom gained 50 cents Wednesday to end at 6.25 rupees while Sri Lanka Telecom closed at 33, up a rupee.

John Keells Holdings gained 75 cents to end at 58.75 rupees.

Brokers said the gains were not likely to last given the gloomy earnings outlook for companies, grappling with high inflation and interest rates and a slow down in consumer demand.