Sri Lanka stocks close up 0.2-pct driven by retail activity

Oct 22, 2015 (LBO) – Sri Lankan stocks closed up 0.19 percent on Thursday for a third consecutive day driven by retail activity with gains in index heavy stocks, brokers said.

The Colombo benchmark All Share Price Index closed higher 13.18 points at 7,068.85 higher 0.19 percent. S&P SL20 closed 10.24 points higher at 3,819.07 up 0.27 percent.

Turnover was 778 million rupees with 71 stocks closing positive against 65 negative.

The main index showed gains in John Keells Holdings closing at 175.10 rupees, up 3.50 rupees and Cargills Ceylon closing at 179.80 rupees, up 15.70 rupees.

Dialog Axaita closed at 11.50 rupees, up 0.10 rupees.

Distilleries was top contributor to the turnover with 69 million rupees.

“No crossings were recorded during the trading session,” Lanka Securities said.

“Following positive interim results, stocks of Union Bank and Ceylon Cold Stores ended the session on high note.”

Union Bank posted 51 percent profit growth for the September quarter while Ceylon Cold Stores net earnings increased by 129 percent. Union Bank closed at 22.20 rupees up 2.8 percent while Ceylon Cold Stores closed at 391.00 rupees up 1.0 percent.

Foreign investors were net buyers with a marginal net foreign inflow of 3 million rupees while foreign participation was 17 percent.

Net foreign inflows were seen in Hemas Holdings 12 million rupees, Bairaha Farms 10 million rupees, Overseas Realty 6 million rupees while net foreign outflow was mainly seen in Ceylon Grain Elevators 12 million rupees.