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Colombo bourse slumps as global markets reel from US crisis
2008-10-07 11:19:54

The Colombo bourse, with markets closer home whirling with a global economic crisis precipitated by the collapse of several financial institutions in the United States, on Tuesday slumped in early trade with many stocks losing in value and no immediate signs of any pick-up later in the day.

India’s main benchmark stock index on Monday tumbled by nearly 6 % on Monday, its lowest in more than two years as global markets reeled from the crisis, brokers said.

Even stocks like Maskeliya Plantations and Richard Pieiris & Co (RPC) , both from the RPC group, fell after two days of gains on reports of a speculative takeover bid which the group says is not true. Maskeliya fell by Rs 3 to Rs 31.50 on 551,000 shares traded while a stock of 138,800 shares of Richard Pieiris fell by 75 cents to Rs 47.

Much-in-the-news John Keells Holdings also eased by Rs 3.50 to Rs 83 for a small stock of 9,600 though some brokers have recommended the company as a ‘good buy’. Most of the little gains came from hotel stocks like Galadari, Stafford Hotels, Serendib and Trans Asia.

The All Share Index fell by 27.79 points to 2,127.40 while the Milanka dropped by 41.62 points to 2,377.08 in early trades. Turnover was a meagre Rs 51 million. .

 
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