Sri Lanka shares recover

July 08, 2010 (LBO) – Sri Lankan stocks closed higher Thursday, recovering after five consecutive trading days of losses with a private deal in shares of a commercial bank dominating the day’s turnover, brokers said. The All Share Price Index closed at 4,521.40, up 1.13 percent (50.62 points) while the more liquid Milanka index rose 1.60 percent (80.60 points) to close at 5,114.01.

Turnover was 3.27 billion rupees, according to stock exchange provisional figures.

“Shares bounced back across the board today,” said Nikita R Tissera, manager research at SC Securities.

“Sampath dominated the day’s play. We believe it was a local – local deal.”

Brokers said 5.8 million Sampath Bank shares were traded in eight crossings, or privately negotiated off-the-floor deals at 328 rupees a share, contributing 1.9 billion rupees to the day’s trading turnover.

Sampath closed at 330 rupees, down 8.25 rupees.

In recent weeks state funds have been buying aggressively in the stock market,

Hemas Holdings was also heavily traded with some 1.2 million shares changing hands. It closed at 36.75, down 2.25.