Sri Lanka stocks close up 0.57-pct

Sri Lanka's state minister of defence Ruwan Wijewardene (L) takes part in a press conference in Colombo on April 24, 2019. - A Sri Lankan security dragnet hunting those responsible for horrifying bombings that claimed more than 350 lives has scooped up a further 18 suspects, police said April 24, as pressure mounted on politicians to explain why no one acted on intelligence warnings. (Photo by ISHARA S. KODIKARA / AFP) (Photo credit should read ISHARA S. KODIKARA/AFP/Getty Images)

Sept 01, 2010 (LBO) – Sri Lankan stocks closed slightly higher Wednesday with heavy trading in shares of a hotel that announced a rights issue, brokers said.

The All Share Price Index closed at 5,690.29, up 0.57 percent (32.28 points) while the more liquid Milanka index rose 0.34 percent (20.16 points) to close at 5,909.32, according to stock exchange provisional figures.

Turnover was 2.78 billion rupees.

Hotel Reefcomber was the most actively traded share, closing at 6.10 rupees, up 50 cents or 8.93 percent, with 29.6 million shares traded, generating a turnover of 178 million rupees, the day’s third highest.

The firm, which owns Amaya Reef on the southwest coast, announced it was raising cash by issuing new shares with attached convertible equity warrants preceded by a share consolidation.

SMB Leasing was also heavily traded, closing flat at 2.70 rupees.

The Colombo bourse is up 68 percent so far this year, according to CT Smith Stockbrokers.

Local investors have bought aggressively as company earnings improved in post-war Sri Lanka.

Although foreign investors have been buying as well so far this year there has been a net outflow of foreign funds of 11.7 billion rupees.

Richard Pieris & Company said in a statement its subsidiary Richard Pieris Securities has got a stock broking license from the regulator.