Sri Lankan stocks closed lower on Monday despite sustained buying in plantation management firm Carson Cumberbatch and Co Ltd, with investors uneasy over a split in the Tamil Tiger rebels.
The key Colombo all-share index ended down 1.51 percent, or 18.66 points at 1,218.66, with turnover light at 146.4 million rupees, of which 32 million rupees was foreign selling. "There is concern over uncertainty in the north and east, especially on the retail side. There is no panic in the market, but there is a lot of concern," said one broker.
Most blue-chips lost ground, with the Milanka index of the most liquid and highly capitalised stocks falling 2.11 percent to 1,977.18.
Conglomerate John Keells Holdings Ltd slipped 1.83 percent, or two rupees, to 107 rupees and saw the bulk of foreign selling, while Sri Lanka Telecom Ltd - the bourse's biggest stock - lost 2.74 percent, or 0.50 rupees, to 17.75 rupees.
But Carson, which normally sees little trade, gained 1.5 percent, or 150 rupees, to 10,150 rupees after surging more than 250 percent on Friday, with brokers saying the market was anticipated a bonus issue and strong dividend.
The market is up about 14 percent this year despite seeing volatile trade after President Chandrika Kumaratunga called a snap poll set for April last month, and worries about the peace process.
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