Market down

John Keells Hotels, which owns and manages resort hotel properties in Sri Lanka and Maldives, announced a rights issue to raise Rs 3.6 billion. The company plans to utilise the money raised to refurbish its existing properties and build new resorts in the island. The tourism sector is poised to record double digit growth with the end of the protracted war with the LTTE, and is expected to see many new investments. At the close of day Keells Hotels shares finished at Rs 30.75, whereas John Keells Holdings closed at Rs 174.25.

The market closed the day down on price declines in large cap stocks with the ASPI losing 13 points (-0.4 percent) to end at 3,512, whereas the MPI closed down 30 points (-0.7 percent) at 4,041. Turnover for yesterday was Rs 728 million. Price gains were seen in First Capital Holdings which gained Rs 12.75 (+45 percent) to close at Rs 41.25.

First Guardian Equities