Sri Lanka shares sag again

Aug 12, 2008 (LBO) – Sri Lankan stocks lost more ground Tuesday on thin volumes as the market returned to its becalmed state with investors staying away. The All Share Price Index closed down 0.70 percent (17.29 points) at 2,447.18 while the more liquid Milanka fell 1.12 percent (32.73 points) to 2,894.27.

Turnover was just 155 million rupees.

The indices were dragged down by falls in heavyweight stocks like Dialog Telekom, Sri Lanka Telecom and John Keells Holdings.

Dialog fell 1.89 percent (25 cents) to 13 rupees, SLT was down 1.66 percent (75 cents) at 44.50 while JKH lost 1.42 percent (1.50 rupees) to end at 104.25, according to the volume weighted average price.

Cable maker Sierra Cables was once again the most actively traded stock with over 6.3 million shares changing hands and closing flat at 1.80 rupees.

Bartleet Mallory Stockbrokers said a parcel of 130,600 shares of Distilleries changed hands at 87.25 rupees, with the stock being the highest contributor to turnover.

Price losers outnumbered price gainers by 65 to 41 with foreign investors highly tilted towards the selling side resulting in a net outflow of 31.98 million rupees, they said.