Sri Lanka stocks close 0.5-pct higher

Mar 10, 2011(LBO) – Sri Lankan stocks rose 0.55 percent Thursday with more retail activity and some selective buying also seen by institutions, brokers said.

The All Share Price Index closed at 7,383.92, up 0.55 percent (40.47 points) while the Milanka Price Index of more liquid stocks closed at 6,879.24, up 0.47 percent (31.90 points), according to stock exchange provisional figures.

Turnover was 1.7 billion rupees. There were 146 gainers and 62 losers.

The most actively traded stock Lankem Developments closed at 63.50, up 16.40 rupees with the stock price rising 34.82 percent with over 3.6 million shares traded.

Lankem Developments has said it plans a rights issue to raise 2.6 billion rupees to acquire control of a plantations unit and invest in plantations, leisure and hydro power.

John Keells Holdings closed at 277.80, up 2.40 rupees with a crossing of 245,400 shares at 274.00 rupees.

Royal Ceramics closed at 155.10, up 3.10 rupees. There were two crossing done at 155.00 rupees.

Hotel Developers Lanka which runs the Colombo Hilton closed at 135.80, up 5.80 rupees.

Economic development minister Basil Rajapaksa had told parliament that the state had ‘fully taken over’ a city hotel that is now managed by Hilton, an international chain.