Sri Lanka stocks rebound

June 17, 2011 (LBO) – Sri Lankan stocks rebounded slightly Friday after five straight days of falls with heavy trading in Blue Diamonds Jewellery Worldwide and its new shareholder eChannelling, brokers said. The main All Share Price Index closed at 7,050.03, up 0.49 percent (34.32 points) while the more liquid Milanka index rose 0.48 percent (31.47 points) to close at 6,600.87, according to stock exchange provisional figures.

Turnover was 2.5 billion rupees.

“United States and European market crashes are now almost certain to happen. We can expect plenty of foreign funds to shift towards emerging markets like Sri Lanka,” Capital Trust Stockbrokers said in a research note.

E-Channelling, which last week bought a 13.24 percent stake (13,672,100 shares) of Blue Diamonds Jewellery Worldwide, closed 60 cents higher at 7.50 rupees with over 42 million shares worth 313 million rupees traded.

Blue Diamonds Jewellery Worldwide was the second largest contributor to the day’s turnover with its share going up by 1.70 rupees or 12.79 percent to 9.70 rupees. Over 31 million Blue Diamonds shares worth 302 million rupees changed hands.

Recent stock market debutant Bimputh Lanka closed at an all-time high of 82 rupees, up 27.30 rupees or 49.91 percent.

East-West Properties closed at 13.40 rupees, up 1.90 rupees or 16.52 percent with over 10 million shares traded.

Two crossings were reported during the day, one was 400,000 shares of Asian Hotels and Properties at 178 rupees per share and the other Bukit Darah at 1,050 rupees a share.