Sri Lanka stocks close 0.5-pct up

Apr 16, 2009 (LBO) – Sri Lankan stocks closed up Thursday in thin trading, with investors still to return in full strength to the market after a traditional New Year holiday season, brokers said.

JKH extended its offer to buy out the remaining stake of its insurance subsidiary Union Assurance Limited.

Dialog Telekom a subsidiary of Telekom Malaysia was up 10 cents to close at 5.00 rupees.

The All Share Price Index of the Colombo stock exchange rose 0.51 percent (8.54 points) to end at 1,691.98 while the more liquid Milanka went up 0.74 percent (13.10 points) to close at 1,782.47.

Turnover was 56.4 million rupees.

“Retail trading on Seylan Bank was high after expression of interest for a strategic stake by Sampath Bank,” said Mohan Thangarajah of First Guardian Equities, a brokerage.

“Their was last minute trading on Sri Lanka Telecom (SLT) shares which contributed 15 million rupees to the days mediocre turnover.”

SLT closed flat at 36.00 rupees, while Seylan Bank was up one rupee to close at 36.00

Colombo Dockyard was 1.75 rupees up to close at 62.50.

Conglomerate John Keells Holdings which has business interest in transport, retail, finance, food processing and property development sectors was down 50 cents, to close at 63.25.