Sri Lankan stocks tumble

Feb 25, 2009 (LBO) – Sri Lankan shares lost 1.19 percent Wednesday with the indices dragged down by losses in heavyweights like Dialog Telekom after it reported a big loss in the December quarter, brokers said.

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The All Share Price Index lost 20.61 points to end at 1,706.30 while the more liquid Milanka shed 2.46 percent (45.17 points) to close at 1,788.71.

Turnover was 106 million rupees.

John Keells Holdings lost almost six percent or 3.75 rupees to end at 61 rupees with 224,700 shares done.

Dialog Telekom fell two percent or 10 cents to close at 4.80 with 529,300 shares traded.

The company, a unit of Telekom Malaysia, made a loss of 3.9 billion rupees in the December quarter against a profit of 1.6 billion a year ago amid steep price cuts and rising costs.

For full year 2008, the group lost 2.8 billion rupee against a profit of 8.9 billion a year earlier.

Lanka Cement was the most actively traded stock but fell 50 cents to close at 13 rupees with 251,600 shares done.

There was also heavy trading in shares of Ceylinco Insurance which ended down almost five percent or 8.25 rupees at 167.25 rupees with 185,900 shares changing hands.