Sri Lankan shares fall on profit taking

Oct 07, 2009 (LBO) – Sri Lankan stocks ended a two-week bull-run Wednesday as retail investors took profits from a market that’s heading towards a correction, while John Keells Holdings (JKH) shares were heavily traded today, brokers said. The All Share Price Index closed down 0.35 percent (11.00 points) to end at 3,136.56 while the Milanka index of more liquid stocks lost 0.52 percent (18.36 points) to close at 3,529.02, according to provisional stock exchange data.

Turnover reached 1.17 billion rupees.

Conglomerate JKH closed at 154.00 rupees, up 2.00 with 2.91 million shares changing hands today, and Distilleries Company of Sri Lanka, unit of unlisted tea company Stassens closed flat at 91.00 rupees.

Nation Lanka Finance, formerly known as Ceylinco Finance Company closed at 29.75 rupees, up 2.00 on 1.15 million shares traded.

Commercial Bank of Ceylon closed at 180.00 rupees, up 25 cents, and Hatton National Bank closed at 170.00 rupees, up 50 cents.

National Development Bank closed at 195.00 rupees, down 25 cents, and DFCC Bank closed at 152.50 rupees, down 1.50.

“We can expect a technical correction to come soon,” a market analyst said.

Dialog Telekom a unit of Telekom Malaysia closed at 8.25 rupees, down 50 cents, and Sri Lanka Telecom 45.75 rupees, down 25 cents.

Retailer favorite Touchwood Investments closed at 93.75 rupees, down 1.00.

ACL Cables closed at 79.25 rupees, down 2.25, while Sierra Cables closed at 2.10 rupees, down 10 cents on over 1.3 million shares traded.

Tokyo Cement closed at 214.50 rupees, up 2.75.