Sri Lanka stocks rebound one percent

Aug 12, 2011 (LBO) – Sri Lankan stocks rebounded one percent Friday, with an active retail and high net worth market players participation and a large acquisition boosting turnover, brokers said. Asian Alliance closed at 134.00 rupees up 12.20 rupees and over 27.58 million shares were changing hands generating 3.31 billion rupees.

High net worth investor T Senthilverl sold a 1.1 million stake in Colonial Motors (12 percent of total stock) at 290.00 rupees to Colombo Fort Land in a deal valued at 319 million rupees.

Colonial Motors closed at 299.70 rupees up 14.70 rupees or 5.16 percent. Colonial Motors 1.2 million shares were traded valued at 361.72 rupees.

Orient Garments closed at 45.80 rupees up 4.90 rupees or 11.98 percent with 3.9 million shared changing hands.

Seylan Developments closed at 16.90 rupees down 6.11 percent with over eight million shares traded.

John Keels Holdings closed at 201.40 rupees up 4.40 rupees or 2.23 percent.

Two million Senkadagala Finance shares went at 40 rupees in an off-market deal.

Corrected closing indices Colombo’s benchmark All Share Price Index close up 0.97 percent or 65.97 points at 6,833.06, while the Milanka Index of liquid stocks closed up 1.27 percent (77.75points) at 6,186.71, according to stock exchange provisional figures.

Turnover was 5.7 billion rupees.

Asia Securities associate director Anura Hadigallege said there was more active participation by high net worth investors Friday. The top two deals of the day, in Colonial Motors and Asian Alliance, a related firm, were executed by Asia Securities.

Sri Lanka’s Softlogic Holdings group today brought a 73.5 percent stake in Asian Alliance Insurance, a listed insurer for 3,308 million rupees, at 120 rupees per share.

The 27.57 million share block in Asian Alliance shares were transferred as six off-market deals.