Sri Lanka shares slump

Nov 07, 2008 (LBO) – Sri Lankan shares Friday fell for the second day running after rising on thin volumes for several days with brokers saying small investors lacked the holding power to sustain early gains.

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The All Share Price Index fell 1.58 percent (30.28 points) to 1,890.36 while the Milanka Price Index was down 2.13 percent (46.20 points) to 2,124.71. Turnover was 164 million rupees.

“In the morning we some positive momentum,” said Srimal Liyanage of Lanka Securities.

“But the market fell as most trading was by small retailer investors with no holding power.”

The indices were dragged down by falls in market heavyweights albeit on small volumes.

Dialog Telekom closed down 50 cents at 7.25 rupees and Sri Lanka Telecom also lost 50 cents to end at 39.75.

John Keells Holdings fell a rupee to 69 rupees.

Dankotuwa Porcelain was the most actively traded stock and gained 25 cents to end at 7.75 rupees with 190,500 shares traded, followed by Nawaloka Hospitals which ended flat at 2.10 rupees with 1,994,600 shares changing hands.