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DateLine Thursday, 23 October 2008

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Blue chips lead decline

The Colombo Stock Exchange saw its indices dip once more with blue chip companies leading the decline. The ASPI skirted below the 1,900 levels but eventually closed at 1,901, down 23 points (-1.2%).

The MPI, which tracks the most liquid stocks in the market, lost 29 points (-1.3%) to end the day at 2,127. Turnover was boosted by large transactions in AEC (Rs 142.6 million).

LB Finance which has seen some interest in the past few days, contributed Rs 56.5 million to turnover, while Dialog Telekom which has been holding its price at Rs 8.00, saw Rs 50.3 million in turnover. Sri Lanka Telecom closed down at Rs 38.00.

Globally, Japan's Nikkei - 225 was down 7%, while Singapore and Hong Kong were down 5%. Close to home India's Bombay Sensex was down more than 3%. Europe opened the day on negative territory on concerns that UK was going into recession, the second major economy in the region to do so

In Argentina the government is tapping into workers savings and pension funds to shore up its banks'. Argentina which defaulted on its US$95 billion of foreign loans in 2001 has been unable to raise capital internationally, though it is the second largest economy in South America with a large agricultural and natural resource base including oil, natural gas, gold, silver and copper.

Source: First Guardian Equities

 

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