The market dipped as retail profit taking continued with the ASPI
losing 12 points (-0.5 percent) to close at 2,440 while the MPI lost 20
points (-0.7 percent) to close at 2,708.
Turnover for the day was Rs 563 million with John Keells Holdings
accounting for Rs 80 million in business. JKH closed up a rupee at Rs
Aitken Spence and Co saw its share lose Rs 1.75 to close at Rs 648.00
on turnover of Rs 66 million while The Finance saw turnover of Rs 47
million to up Rs 5.75 to close at Rs 27.25.
The Finance shares gained the most yesterday, up 27 percent, as
investors bought into the Ceylinco Group.
The troubled conglomerate saw many of its deposit taking
institution's management taken over by the state controlled entities
such as the Merchant Bank of Sri Lanka, People's Leasing Company while
Seylan Bank's management was vested with the Bank of Ceylon.
Last week the Central Bank decided to prop up Seylan Bank's balance
sheet through cash infusions from Sri Lanka Insurance, National Savings
Bank and Bank of Ceylon.
Seylan Bank gained 50 cents to close at Rs 35.25, while Seylan
Merchant Bank gained 20 cents to close at Rs 4.50. Ceylinco Seylan
Developments gained 50 cents to close at Rs 11.50.
Ceylinco Insurance was up a rupee to close at Rs 175.00
Oil traded between US$68.00 and 69.00 a barrel in Asian trading while
major Asian markets were mixed.
Source: First Guardian Equities