Indices lose ground

The indices at the Stock Exchange lost ground as the two largest listed companies declined in value.

The ASPI lost 26 points (1.0%) to close at 2,455 while the MPI, which tracks the most liquid stocks, dropped by 49 points (1.7%) to close at 2920. Dialog Telekom closed down 50 cents to Rs 13.50 and Sri Lanka Telecom lost Rs 1.50 to close at Rs 46.00.

Turnover was boosted by Carsons group exiting from Hunter & Co, by disposing of 257, 603 shares. Minority Shareholder Al-Nakib of Kuwait, who has an ongoing battle with the Hunters management on governance issues, is speculated to have increased his stake in the company to 19% along with a purchase by shareholder activist K Vignarajah.

Turnover from Hunters was Rs 72.1 m. while total turnover was Rs 223.1 million. Other notable trades were in shares of Distilleries (Rs 23.2 m) and Ceylon Guardian (Rs 20.5 m).

Teas Small Holders (TSML) reporting results for the 1st Quarter ending June 2008, showed a 32% increase in profits to Rs 51.2 million while revenue increased 24% to Rs 616.2 million.