Sri Lanka stocks close up 0.39-pct, rupee up

Oct 28, 2011 (LBO) – Sri Lanka’s stock close up 0.39 percent with motor stocks gaining after strong results, brokers said. The Colombo All Share Index close at 6,348.44,up 24.8 points recovering some losses, while the Milanka Index of liquid stocks rose 10.98 points (0.19 percent) to close at 5,661.8 points.

Diesel and Motor Engineering Company, which reported strong results in the September quarter closed up 118.10 rupees at 1,318.10 and United Motors closed up 7.20 at 158.30 points.

PABC Bank which also reported results closed up 60 cents at 25.00 rupees.

Infrastructure Developers which has seen speculative trading close up 9.00 rupees at 99.20 rupees. Ascot Holdings fell 2.70 rupees to 152.30 rupees.

JKH was unchanged at 190.50, Commercial Bank of Ceylon closed up 10 cents at 75.00 rupees and HNB fell 1.00 rupees to 189.00.

In forex markets the central bank adjusted its intervention rate against the spot US dollar to 110.10 rupees to 110.20 rupee, despite strong demand, dealer said.

In October net state interventions have been lower than September analysts said amid stronger official inflows. Interests have also been edging up over October which can ease credit expansion a little, analysts said.

However if the rupee is pushed up with higher volumes of interventions, the gains could be lost, analysts said.