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Sri Lanka shares slide on low volumes

Dilshan Wirasekara, Chairman of the Colombo Stock Exchange

Dec 15, 2008 (LBO) - Sri Lankan shares fell 2.
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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.

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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.

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

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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.


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