Sri Lanka stocks close up 1.3-pct

Dec 28, 2011 (LBO) – Sri Lankan stocks closed higher for the fourth straight day Wednesday with more deals in a bank helping to prop up turnover that fell to low levels, brokers said. The main All Share Price Index rose 1.30 percent (78.30 points) to 6,093.39, while the more liquid Milanka index rose 0.89 percent (46.53 points) to 5,272.64.

Turnover was 550 million rupees, according to stock exchange provisional figures.

Commercial Bank accounted for the largest turnover with 2.1 million shares traded and the share ending at 100.30 rupees, down 20 cents, after rising to 101.40.

There were three crossings or off-market deals in Commercial Bank of 1.9 million shares all at 100 rupees each, the same price as Tuesday’s four crossings of 7.6 million shares, where the seller was a foreign investor and the buyer a local party.

HVA Foods was the mlost actively traded stock, closing at 38.20 rupees, up 1.20.

SC Securities the top turnover generators for the day were Commercial Bank, Colombo Land & Development Co., and Nestle Lanka, which contributed about half the total turnover of the day.

Lanka Securities foreign participation stood at 26.2 percent of the total market activity and at the end of the day foreign investors were the net sellers with a net foreign outflow of 212.9 million rupees.