Sri Lanka stocks close 0.5-pct up

May 26, 2010 (LBO) – Sri Lankan stocks closed higher Wednesday helped by midcap and penny stocks, while Confifi Hotels stocks shot up 46.5 percent amidst low volume trading in take-over play, brokers said. Asia Capital, an investment bank with stock brokering licenses closed at 33.00 rupees, up 2.00, Ceylon Hospitals closed at 75.75 rupees, up 3.25, Diesel and Motor Engineering (DIMO) closed at 433.75 rupees, up 24.25.

Galadari Hotels closed at 32.50 rupees, up 2.00, NAMAL Acuity Value Fund closed at 68.75 rupees, up 3.25, The Lion Brewery closed at 104.25 rupees, up 2.00, Sigiriya Village Hotels closed at 68.50 rupees, up 7.75.

Conglomerates, Hayleys closed at 294.25 rupees, down 7.75, Hemas Holdings closed at 148.25 rupees, up 10.75, and John Keells Holdings closed at 180.00 rupees, up 2.50.

Commercial Bank closed at 249.25 rupees, up 25 cents, Hatton National Bank non-voting closed at 170.00 rupees, up 2.50, Sampath Bank closed at 283.75 rupees, up 3.50 and Seylan Bank closed at 55.00 rupees, up 1.00. The All Share Price Index closed at 4,250.99, up 24.50 points, while the Milanka index of more liquid stocks rose 0.84 percent (39.57 points) to close at 4,76.35.

Turnover was 1.09 billion rupees, according to stock exchange provisional figures.

Confifi Hotels closed at 318.00 rupees, up 101.00 with only 63,000 shares traded, while Riverina Hotels closed at 125.75 rupees, down 3.50.

On Tuesday Lanka Orix Leasing Company (LOLC) group and Browns bought a 43.3 percent stake in Confifi Hotels and a 20 percent block in Riverina Hotels.

LOLC closed at 265.25 rupees, down 11.50, Brown and Company closed at 103.00 rupees, up 4.75.

A range of midcap and small shares made gains, brokers said.