Market down

The CSE loss was in the negative once more with the ASPI down 21 points (-1.2%) to close at 1,706, while the more liquid MPI was down 45 points (-2.5%) to close at 1,789.

Total market turnover for the day was Rs 106.2 million.

Dialog Telekom, which reported results for the year ended December 2008, showed a loss of Rs 2.9 billion for the year against a profit of Rs 8.9 billion for the 12 months ending December 2007. The group which has interests in mobile, satellite TV, broadband internet connectivity and also CDMA fixed wireless telephony saw revenue increase 6% to Rs 36.2 billion. Its core mobile operation saw its subscriber base increase by 29% to 5.5 million for the year, while revenue grew 1% to RS 33.11 billion. The company had made a loss of Rs 388 million for the year, against a profit of Rs 10.1 billion. DIAL ended the day at Rs 4.8.

Asian markets recovered with the Nikkei Index up 3% and the Hang Sang Index up 2%. The Bombay Sensex was up 1%, while the Straits Times Index was up less than a quarter percent.

Source: First Guardian Equities