Stocks lose ground

The indices at the Colombo Stock Exchange ended negative for the third straight day yesterday as large cap stocks lost ground.

The ASPI lost 18 points (-1 percent) to close at 1,870 and the MPI which tracks the most liquid companies lost 39 points (-2 percent) to close at 2,012.

Price reductions were seen in John Keells Holdings, down 75 cents to Rs 76.25, Dialog Telekom, down 25 cents to Rs 5.00, Distilleries Company, down Rs 2.25 to Rs 80.00, Commercial Bank, down 25 cents to Rs 93.75 and DFCC Bank, down Rs 2.00 to Rs 90.00.

Total turnover for the day was Rs 139 million. Hatton Nation Bank reported a 4 percent decline of consolidated profits to Rs 712 million for the three months ending March 2009, while turnover for the group grew 13 percent to Rs 10.1 billion. Source: First Guardian Equities