Sri Lanka shares close 1.69-pct higher

Feb 25, 2011(LBO) – Sri Lankan stocks closed 1.69 percent higher Friday with gains in the investment trust and oil palm stocks, brokers said.

The All Share Price Index closed at 7,711.62, up 1.69 percent (128.20 points) while the Milanka Price Index of more liquid stocks closed at 7,169.35, down 0.09 percent (6.71 points) according to stock exchange provisional figures.

Turnover was three billion rupees.

Carson Cumberbatch units, Good Hope closed at 1,348.00, up 61.90 rupees while Shalimar (Malay) closed at 975.00, up 55.00 rupees. Selining closed at 1,100.00, up 150.00 rupees.

The Carsons group announced plans to buy minority stakes in its Malaysian oil palm units as part of a revamp to prepare for bigger investments and expansion outside the region, a stock exchange filling said.

The group wants to buy minority stakes in its four Malaysian plantation companies, Shalimar (Malay), Good Hope, Indo-Malay and Selinsing, and delist them from the Colombo Stock Exchange.

The biggest contributor to turnover, Piramal Glass Ceylon closed at 10.80, up 0.60 cents with over 17 million shares done.

Guardian Capital Partners closed at 1,942.20, up 647.40 rupees. The company’s stock price saw a 50 percent price gain, Friday.