Dialog share decrease drags market down

The market continued to be dragged down by Dialog while Hayley's unit Haycarb reported strong top-line and bottom-line growth figures, while Carson's group palm oil units too reporting increased earning on the back of higher global palm oil prices.

The indices lost ground as Dialog Telekom saw its share close down at Rs 14.75 a decline of 25 cents, which dragged the market down with it.

The broader market index, ASPI, lost 6 points (-0.23%) to close at 2607 while the MPI which tracks the most liquid stocks moved down by 18 points (-0.57%) to end the day at 3161.

Turnover, which totalled Rs. 106 million, was mainly driven by John Keells Holding (Rs. 11.8 million), Distilleries (Rs 10.3 million) Carson Cumberbatch & Co (Rs. 9.9 million), Commercial Bank (Rs. 7 million) and Vallibel Power Erathne (Rs 5.2 million).

Good Hope reported a 146% increase in revenue for the year ended March 2008 of Rs 187.5 million, and a profit growth of 524% to Rs 135 million.

First Guardian Equities