Market down

The indices at the Colombo Stock Exchange had their biggest tumble for this month, with the fall of the MPI by more than 5% triggering a "market halt". Trading resumed after the resulting 30 minute "cooling off" period, and further price declines were seen in large cap stocks which had lead the indices higher in the past few days.

The ASPI closed down 90 points (-5%) to end at 1,720, while the more liquid MPI lost 139 points (6.9%) to close at 1,870.

Total turnover for the day was Rs 202.2 million, with John Keells Holdings (Rs 26.3 million in turnover, share closed at Rs 68.25, down Rs 3.75), Ceylon Tobacco (Rs 12.8 million, share closed unchanged at Rs 73.00) and Dialog Telekom (turnover of Rs 9.9 million, share down to Rs 5.00, losing 75 cents) accounted for much of the turnover.

Sri Lanka Telecom closed down Rs 1.50 to Rs 35.00 and HNB closed at Rs 85.00, losing Rs 6.75. Aitken Spence & Co was down Rs 44.50 to close at Rs 350.00.

Other than the Taiwanese share markets, all other Asian markets closed on the negative. The Taiwanese TSEC 50 Index of key stocks was up 0.2%, while Japan was down 2%, Hong Kong was down 2.9%, India down 3.5% and Singapore down 1.1%