Sri Lanka shares up 1.5-pct, rupee steady

Apr 29, 2009 (LBO) – Sri Lankan stocks rebounded across the board Wednesday, as investor sentiment improved, while the rupee remained steady against the greenback, dealers said. Conglomerate JKH has interests in transport, finance, property development, retail and food processing sectors.

Mobile giant Dialog Telekom, subsidiary of Telekom Malaysia, closed flat at 5.25, while fixed line operator Sri Lanka Telecom lost 50 cents to close at 35.00.

Tokyo Cement gained 4.25 rupees to close at 135.00, while diversified Hayleys rose 5.25 rupees to close at 106.00.

Distilleries Company of Sri Lanka gained four rupees to close at 78.00 on thin trade.

Sri Lankan’s largest privately held bank, Commercial Bank, gained 1.75 rupees to close at 90.00,

The rupee held its ground as the spot dollar traded at 120.00/120.10 in afternoon trade, while one-month forwards were trading at a premium of 90 cents, dealers said.

The All Share Price Index of the Colombo stock exchange gained 1.50 percent (26.95 points) to end at 1,824.80 while the Milanka index of liquid stocks gained 2.41 percent (45.86 points) to close at 1,948.19, according to provisional stock exchange data.

Turnover was 183.8 million rupees.

“There was renewed buying interest in the market,” said Mohan Thangarajah of First Guardian Equities.

Hotel Services and John Keells Holdings contributed 67 percent to the day’s turnover.

“Hotel Services which owns Ceylon Continental saw some selling which amounted to 763.6 million rupees,” said Thangarajah.

“John Keells Holdings saw some strong buying which pushed up turnover by 50.5 million rupees.”