Sri Lanka’s stocks slip further, SLT and JKH dominate trade

May 29, 2008 (LBO) – Sri Lankan stocks slid further a 0.56 percent Thursday but turnover increased to over half a billion rupees following deals on index heavy counters, brokers said. The All Share Index shed 0.56 percent (14.13 points) to close at 2,506.64 points while the Milanka Index closed 0.25 percent (7.39 points) lower at 3,001.32 points.

State-owned Sri Lanka Telecom closed 25 cents higher at 49.00 with the 4.84 million shares changing hands during the day adding 237.43 million rupees to total turnover.

John Keells Holdings dipped 50 cents to close at 114.50 with 1.88 million shares traded which added 217 million rupees to the day’s turnover.

Plantations counters saw little retail activity but most closed higher.

Banking and insurance counters also traded lower, with Commercial Bank of Ceylon losing 1.75 to close at 133.00 rupees.

HNB Assurance shed 50 cents to close at 24.75 rupees.

On a point-to-point basis, the market had lost 3.64 percent (92.26 points) compared to last Thursday’s closing.

The Milanka Index listing the most liquid counters had dropped 5.04 percent (159.58 points) from last Thursday.

Total turnover on Thursday was 553.5 million rupees with 14 million shares being traded.

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