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Dialog stock falls, profits seen falling
editor on 05 August, 2008 08:49:37 | 658 times read
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Colombo stocks sank on Tuesday with interest only in low priced companies while concern is growing over mobile phone giant Dialog’s profits with second quarter results due in coming days, brokers said.
Dialog, the largest capitalized company on the Colombo bourse and a keenly watched stock, fell by 50 cents on Rs 13.75 for parcels of a total of 17,900. Brokers said although the quantity was small, there is investor worry over Dialog losing market share to other players which is seen eroding profits while last week’s mega package of a 50 percent lifetime offer to its four million customer base is expected to further reduce Dialog earnings.
Hunters, in the news for shareholder criticism over disclosure issues, saw a sharp Rs 118.50 percent drop in the price to Rs 281.50 for three parcels a total of 261,400. The seller was said to Ceylon Guardian.
The All Share Index fell 21 points to close at 2,459.60 and the Milanka sank by 34.13 points to end at 2,935.33. Total turnover was Rs 191 million.
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