Market down

The indices at the Colombo Stock Exchange lapsed into the negative with retailers taking profits once again by selling down large cap companies. On Tuesday the ASPI lost 14 points (-0.8 percent) to close at 1,798 and the MPI closed down 28 points (-1.4 percent) to end at 1,902. Turnover reached a low of Rs 64 million, with John Keells Holdings contributing Rs 10 million to turnover.

The share ended down at Rs 66.75, losing Rs 1.75. Nations Trust Bank saw business of Rs 6 million with the share closing down Rs 1.00 at Rs 28.00. Speculators also unloaded Lanka Cement with the share losing 50 cents to close at Rs 12.75 on turnover of Rs 6 million.

Lanka Ventures closed up Rs 1.00 to Rs 7.75 on news that the judiciary had revised the company's tax liability from Rs 235.5 million to Rs 137.4 million. The tax assessment was from the years 1994/95 to 2001/02.

The reversal will result in the company removing a provision for contingent liability of Rs 105.3 million from its books of accounts. Lanka Ventures has 50 million shares in issue.

Sri Lanka Telecom closed at Rs 38.00, down a rupee, while Dialog Telekom closed at Rs 5.25, down 25 cents. Commercial Bank lost Rs 4.25 to end at Rs 87.25 and HNB lost 50 cents to close at Rs 88.00. Distilleries closed at Rs 74.00, down Rs 4.25.

Major Asian markets were down with the Indian market losing 3.3 percent while Singapore's Straits Times Index was down a percent.

In the Far East, the Japanese market was down 3 percent, while Hong Kong's Hang Seng Index was down 2 percent

Source: First Guardian Equities