This downward trend is not related to recent international markets crash. The only reason is massive price declines in few blue chip stocks. I am repeatedly saying this but you may not understand so I am going to explain it.

The Market Capitalization of blue chip companies (As a % total Market Cap.)

SRI LANKA TELECOM PLC – 10.36%
DIALOG TELEKOM PLC – 10.30%
JOHN KEELLS HOLDINGS PLC – 7.04%

So above three companies represent more than 1/4th of the total market capitalization. This is the reason for big fluctuation in market indices if any price change (even 25 cents) in one of above company.

Today the all Share Index closed 58.28 points lower at 2221.97 & Milanka Price Index closed the day 97.69 points lower at 2484.04.
Turnover for the day was LKR 237.9 Million.

Dialog Telecom closed LKR 9.50 (-1.00)
Sri Lanka Telecom closed LKR 41.75 (-1.25)
John Keels Holdings closed LKR 81 (-2.25)
Distilleries closed LKR 71.25(-1.50)

ANNOUNCEMENTS

ANNOUNCEMENT ON LANKA MARINE SERVICES PRIVATE LIMITED (LMS), A SUBSIDIARY OF JOHN KEELLS HOLDINGS PLC (JKH) AND SUMMATISATION OF FINANCIAL IMPACTS

JKH wishes to announce that LMS has now received the formal assessments with regard to the taxes payable as a result of the judgment delivered by the Supreme Court of the Democratic Republic of Sri Lanka on 21 July 2008.The assessments include penalties of Rs. 375 million, which LMS believes are not applicable in terms of the IRD Act, based on opinions from independent legal counsel and tax consultants. LMS will pursue the appeal as per the process set out in the IRD Act.

KURUWITA TEXTILE MILLS PLC – DIVIDEND

Company ID:- KURUDate of Announcement:- 18 .Sep. 2008.Rate of Dividend:- Rs.1.00 Per Share – Final DividendFinancial Year:- 2007/2008AGM:- 16. Oct. 2008XD:- 17. Oct. 2008Payment:- 23. Oct. 2008Share Transfer Book Open

VANIK INCORPORATION LTD

The company referred to the previous announcements with regard to the Scheme of Arrangement with the Creditors of Vanik Incorporation Ltd.An EGM of the shareholders and a Separate Class Meeting of the Non Voting (Class X) shareholders will be held on 18th September 2008 at the Committee Room B of the BMICH on conclusion of the AGM to be held at 10:00 a.m. on the same day and place, inter alia, to obtain the approval of the shareholders for the reduction of the Stated Capital of the Company and the issue of new ordinary shares to the Scheme Creditors in pursuance of the Scheme of Arrangement.

THE COLOMBO FORT LAND & BUILDING CO. LTD

The company informed the following in connection with the publication which appeared in the press on 17th September 2008.”The leisure industry is one of our principal activities and we are constantly endeavoring to expand our interest in this area. With the current government policy of permitting local companies to invest abroad we are certainly interested in expanding our interests in the leisure industry to South India if suitable opportunity presents itself.We have no firm commitments in respect of this matter which merit disclosure. The matters referred to in the article are merely in the planning stage and unless suitable partners are identified and the funding is assured the company will not embark on any such project.”

Information Colombo Stock Exchange

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