Sri Lanka stocks fall, heavy trading in CIC

Aug 18, 2008 (LBO) – Sri Lankan stocks opened the week on a weaker note with the indices pulled down largely by the fall in Sri Lanka Telecom with heavy trading seen in Chemical Industries (Colombo) (CIC), brokers said. The All Share Price Index closed down 0.12 percent (2.92 points) at 2,428.89 while the more liquid Milanka also fell 0.12 percent (3.32 points) to 2,837.03. Turnover was 254 million rupees.

Sri Lanka Telecom fell 1.66 percent (75 cents) to 44.50 rupees while Asian Hotels and Properties slid 3.75 percent (1.50 rupees) to 38.50.

Heavyweights Dialog Telekom and John Keells Holdings closed flat at 12 rupees and 102 rupees.

CIC was the most actively traded stock, rising 9.38 percent (3.75 rupees) to 43.75 rupees with almost 1.29 million shares traded which added 55 million rupees to the day’s turnover.

Bartleet Mallory Stock Brokers said the CIC shares traded between 40.00 and 43.75 rupees.

They said foreign investors were on the buying side in the overall market with a net inflow of 84.67 million rupees.