Sri Lanka shares slide on low volumes

Dec 15, 2008 (LBO) – Sri Lankan shares fell 2.17 percent Monday with a single transaction in Chevron Lubricants Lanka accounting for almost half the meagre trading volume of 55 million rupees, brokers said.

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The All Share Price Index shed 33.87 points to end at 1,527.51 while the more liquid Milanka lost 2.93 percent (50.92 points) to end at 1,687.95. Turnover was 55 million rupees.

Brokers said 96 stocks, including most heavyweights, were down for the day with only 17 up.

Chevron Lubricants Lanka closed at 90 rupees, down 75 cents, with a block of 282,500 shares changing hands at 91 rupees.

The transaction added 26.2 million rupees to the day’s turnover.

Brokers said investors remained wary given high interest rates and inflation which have eroded company profitability.