Market dips

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 137.00

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