Sri Lanka stocks end up 3.6-pct

Nov 28, 2011 (LBO) – Sri Lankan shares closed sharply higher Monday with the main index jumping back over 6,000 points on optimism a meeting between stockbrokers and President Mahinda Rajapaksa could yield a relaxation of credit rules and price restrictions. Environmental Resources Investments warrants W0003 were the highest gainer of the day, closing at 18.80 rupees, up 5.80 rupees or almost 45 percent.

ERI’s W0002 warrants closed at 17.80 rupees, up 4.50 while its W0003 warrans closed at 18.20, up 4.60 rupees.

Dankotuwa Porcelaim closed at 29.90 rupees, up 6.60 rupees.

HVA Foods was the most actively traded stock and accounted for the highest turnover, closing at 40.80 rupees, up 8.60 with over four million shares done.

Colombo Land & Development was also actively traded, closing at 53.70, up 8.20 rupees while East West Properties closed at 26.60 rupees, up 5.80.

There was one crossing of 30,000 The Bukit Darah shares at 1,025 rupees each. It closed at 1,025.20, up 20 cents. The main All Share Price Index rose 3.62 percent (209.91 points) to 6,015.67, while the more liquid Milanka index rose 3.24 percent (163.66 points) to close at 5,216.57, according to stock exchange figures.

Turnover was 1.2 billion rupees.

Almost all shares that traded ended firmer although with stocks that had drawn speculators in the recent past among the top gainers.

The stock brokers association had sought a meeting with Rajapaksa to try to ease regulations with the market falling sharply last week.

Index heavyweight John Keells Holdings closed at 175 rupees, up 90 cents with 220,400 shares done.

Warrants of Environmental Resources Investments and shars of a connected firm were the top gainers.