All eyes on telecom sector shares

BOURSE: Colombo stock market continued the downward trend yesterday with both indices recording losses while the turnover remained moderate due to strong interest in telecommunication sector shares.

The All Share Price Index (ASPI) dipped by 13.60 points closing the day at 2,982.89 points while the Milanka Price Index fell by 14.08 points to close at 4,188.26 points. Yesterday’s turnover was Rs. 602 million.

Dialog was the main attraction with over 4 million shares changing hands.

But the share dropped 25 cents to close at Rs. 27.50. However, Sri Lanka Telecom gained Rs.1.25 closing the day at Rs.42.50.

The telecommunication sector has been the leading contributor to the market turnover so far this week and traders said the strong interest in the two companies would continue throughout the week.

There were very few gainers yesterday with share price decline was seen across the board.

Grain Elevators was one of the gainers with the price moving up by Rs.1 to Rs.16 with over one million shares being traded. 1.9 million Kelani Tyres also traded yesterday.

(CK)