Sri Lanka stocks close up 1.03-pct

Minister appoints Dr Swaminathan to IPACSL as Chairperson

Sept 15, 2010 (LBO) – Sri Lankan shares closed higher Wednesday with heavy trading in low value shares, brokers said. The All Share Price Index closed at 6,238.45, up 1.03 percent (63.39 points) while the more liquid Milanka index rose 0.56 percent (36.45) to close at 6,488.71, according to stock exchange provisional figures.

Turnover was 3.97 billion rupees.

The ASI is up 84 percent so far this year as improved company earnings, faster economic growth, low inflation and falling interest rates attract funds into stocks.

Hotel Reefcomber, the most actively traded stock Wednesday, closed at 13.80 rupees, up 1.20 or 9.52 percent.

Touchwood Investment, the second most actively traded stock, closed flat at 38.40 rupees.

Piramal Glass Ceylon was also heavily traded, closing at 3.90 rupees, up 30 cents or 8.33 percent.

Brokers SC Securities said in a report that market activity levels in the five trading days to September 14 improved further over last week’s levels.

Foreigners ended the five-day period as net buyers with foreign purchases worth 2.67 billion rupees against foreign sales of 1.63 billion, resulting in a net foreign inflow of 1.03 billion rupees, they said.