Colombo stock slump continues
2008-10-20 16:21:35

Colombo stocks fell on Monday with index-strong shares such as John Keells Holdings (JKH) selling out together with a drop in the plantation sector, stock market analysts said.

Backed by the negative LMSL judgment, JKH hit Rs 69.75 per share, down Rs 2.75 at market close. “It was the second highest contributor to the turnover with Rs 55 million while Caltex came in first with Rs 75 million. Caltex saw a parcel of 670,000 trading at Rs 110 but closed at Rs 108,” Thakshila Hulangamuwa, Vice President Business Development, Asha Phillips Securities said.

Plantation stocks also fell due to the impact from falling palm oil prices together with the tea prices dropping, he added. Vajira Premawardhana, Executive Director Lanka Orix Securities said that as seen today, tomorrow too retailers will be selling their holdings which will drop the market.

The All Share Index fell by 30.55 points to 1,968.29 while the Milanka eased by 25.49 points to 2,210.45. Turnover was Rs 213 million at the close.