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UPDATED- Colombo stocks slump amidst US, Asian market crashes
2008-09-30 19:16:53

Colombo stocks on Tuesday followed regional negative trend after US and Asian market crashed with index strong shares here seeing an acute fall.

Brokers said of the 173 companies traded, 117 companies saw prices fall while only 14 saw gains. The balance was unchanged. US and regional stockmarkets nosedived after the US Congress rejected a $700 billion bailout plan by the government to revive a string of failures by financial institutions.

“Foreign investors who are looking to liquidate their positions to meet their financial obligations are creating selling pressure in the local and the regional markets,” Thakshila Hulangamuwa, Vice President, Business Development, Asha Phillips Securities said, adding that local investors reacting to those negative sentiments had rushed in with their selling orders.

Shares such as Colombo Dockyard Plc (CDL), Dialog and Commercial Bank lost at Tuesday's closing to drop the market. Commercial bank lost Rs 3.75 to close at Rs 102.25, Dialog was down 50 cents to Rs 8 and CDL was down to Rs 2.25 to Rs 69.25. Distilleries lost Rs 2.50 to Rs 69.75 and Lanka IOC was 50 cents down to Rs 24. JKH which opened flat in the morning stayed at Rs 86.50. The All Share Index slumped by 43.27 points or 1.98 % to 2,142.26 while the Milanka dropped sharply by 55.43 points or 2.26 % to 2,397.19. Turnover was Rs 121 million.
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