for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

S.Lanka shares near month-low on economic woes

 COLOMBO, Aug 25 (Reuters) - Sri Lankan shares edged down in
thin trade on Monday to near a one-month closing low with
investors steering clear of the market in the absence of any
news on the macroeconomic front.
 Selected blue chips led the fall on the Colombo All-Share
index .CSE down 4.74 points or 0.2 percent weaker at
2,409.63, the lowest close since July 29.
 The bourse has fallen in seven of the eight sessions since
market heavyweight Dialog Telekom DIAL.CM reported a 78
percent drop in June quarter net profit on Aug. 13, and is down
5.2 percent this year.
 "There was no market-moving news," Shivantha Meepage, a
research analyst at HNB Stockbrokers, said. "Investors are
waiting for any positive news from the economic front and
keeping themselves away."
 Despite the Central Bank's assertion its tight monetary
policy has helped slow inflation, traders and analysts say
investors are yet to see any benefits in the market and remain
sceptical.
 Annual inflation slowed down to 26.6 percent in July for
the first time in seven months, from June's six-year high of
28.2 percent.
 Most listed companies' earnings last quarter took a hit
from the record inflation.
 Top-listed conglomerate John Keells Holdings JKH.CM,
which on Friday said a July court ruling will cost it up to
1.31 billion Sri Lankan rupees ($12.17 million), fell 0.5
percent to 99.50 rupees a share calculated on a weighted
average.
 Sri Lanka's No.1 mobile phone operator, Dialog Telekom,
fell to a new life low of 11.25 rupees, before closing flat at
11.50.
 Top-listed private lender Commercial Bank of Ceylon
COMB.CM closed down 0.2 percent at 124 rupees, while
alcoholic beverage manufacturer Distilleries Company of Sri
Lanka DIST.CM closed 0.91 percent weaker at 82 rupees a
share.
 Oil retailer Lanka IOC LIOC.CM fell 1.08 percent to 23.25
rupees a share.
 Shares in Ceylon and Foreign Trades CFT.CM rose 32.11
percent to 36 rupees a share and traders said speculation that
the company would restructure drove the rise.
 It accounted for over 20 percent of the day's market
turnover of 114.8 million Sri Lankan rupees ($1.07 million),
over a quarter of last year's daily average of 400 million
rupees.
 The rupee LKR= edged up to 107.68/70 a dollar from
Friday's close of 107.68/72, in thin trading.
 The interbank lending rate CLIBOR rose to 16.721, up from
Friday's 15.915 percent.
 (Editing by Bryson Hull))


for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up