Sri Lanka shares extend losses

Oct 08, 2008 (LBO) - Sri Lankan share prices ended 3.
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0 percent lower Wendesday a day after stock fell 2.0 percent amidst unprecedented unraveling of the global financial system, in a day where Asian and Middle Eastern markets plunged.
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The All Share Price Index fell 64 points to 2,042.

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13 while the more liquid Milanka plunged 83 points to 2,259.
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40.

Turnover was 216 million rupees.

Brokers said most large cap stocks fell, dragging down the indices.

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Dialog Telekom sank one rupee to close at 6.

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75 rupees, an all-time low.

Brokers said investors were worried about growing competition in the telecom sector which has eroded Dialog's market share and profitability.

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Other stocks that fell included Ceylon Tobacco Company, Richard Pieris and Ceylinco Insurance.

Also, sharp falls in global markets made investors jittery as a global economic slowdown could affect the profitability of companies.

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Indonesia halted trading after stocks fell more than 10 percent, while Asia Pacific markets closed lower.

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