Sri Lankan stocks close lower in broad sell-off

Oct 27, 2009 (LBO) - Sri Lanka stocks closed lower for a second day Tuesday, falling 0.9 percent in a broad sell-off that saw while buyers were awaiting earnings reports, brokers said.

The All Share Index closed at 2,989.05 points down 34.9 points while the Milanka Index of more liquid stocks closed down 1.

19 percent (21.7 points) at 3,378 points according to provisional Colombo Stock Exchange data.

Brokers said stocks could be expected to react to earnings in the near term, with the third quarter reporting season just starting, and investors paying more attention to fundamentals following an extended rally that saw the market double so far this year.

Aitken Spence Hotel Holdings closed at 227.0 rupees, down 7.75, Carson Cumberbatch closed at 345.0 down 5.00, Asiri Surgical at 11.00 down 0.50 and Bogala Graphite at 18.50 down 0.75.

In banking, Commercial Bank closed ay 180.0 rupees down 1.25, HNB 167.75 down 1.25, DFCC 149.0 down 1.50 and NDB 185.00 down 2.75.

Dialog Telekom closed flat at 7.25 rupees and Sri Lanka Telecom at 44.00 down 1.00.

Diversified John Keells Holdings closed at 141.50 rupees down 2.50 and Distilleries closed flat at 99.
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00, Chevron Lubricants closed flat at 182.0. Colombo Dockyard was down 1.50, closing at 117.25.