Jan 12, 2009 (LBO) - Sri Lanka's dominant mobile firm Dialog Telekom sank below five rupees on the Colombo bourse Monday as India's Bharti Airtel entered the market while cable companies fell sharply on news of copper hedging losses at one firm.
The All Share Price Index edged up 0.10 percent (1.54 points) to end at 1,533.79 while the more liquid Milanka lost 1.75 percent (28.57 points) to close at 1,606.78.
Turnover was 45 million rupees.
Sujeewa Pieris of Bartleet Mallory Stock Brokers said he believed Dialog Telekom fell as investor sentiment weakened with the entry of India's Bharti Airtel, adding more competition into an already tough market.
Dialog Telekom fell over 12 percent or 70 cents to 4.80 rupees with 427,000 shares done
"Airtel's entry probably impacted sentiment. Also, we expect Dialog's profits to be lower," Pieris said.
"There's no significant buying coming in even at these levels for Dialog."
Dialog Telekom, a unit of Telekom Malaysia, reported a loss in the September 2008 quarter amid a price war among existing operators ahead of Airtel's entry.
The All Share Price Index edged up 0.10 percent (1.54 points) to end at 1,533.79 while the more liquid Milanka lost 1.75 percent (28.57 points) to close at 1,606.78.
Turnover was 45 million rupees.
Sujeewa Pieris of Bartleet Mallory Stock Brokers said he believed Dialog Telekom fell as investor sentiment weakened with the entry of India's Bharti Airtel, adding more competition into an already tough market.
Dialog Telekom fell over 12 percent or 70 cents to 4.80 rupees with 427,000 shares done
"Airtel's entry probably impacted sentiment. Also, we expect Dialog's profits to be lower," Pieris said.
"There's no significant buying coming in even at these levels for Dialog."
Dialog Telekom, a unit of Telekom Malaysia, reported a loss in the September 2008 quarter amid a price war among existing operators ahead of Airtel's entry.
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