Sri Lanka stocks recover

Mar 16, 2011(LBO) – Sri Lankan stocks closed 1.2 percent higher Wednesday with the market rallying following three days of losses and investors doing some bargain hunting, brokers said.

The All Share Price Index closed at 7,115.62, up 1.23 percent (86.60 points) while the Milanka Price Index of more liquid stocks closed at 6,643.74, up 0.53 percent (35.02 points), according to stock exchange provisional figures.

Turnover was 904 million rupees.

Lanka Cement closed at 26.50, up 1.30 rupees.

The company said it is in talks with a Chinese firm to construct a 25-storey office and shopping complex valued at about 5.0 billion rupees and is also looking for a local investor to re-build a defunct cement factory.

Richard Pieris closed at 13.50, up 0.10 cents with over 2.6 million shares traded.

Piramal Glass closed at 10.90, up 0.10 cents with 1.5 million shares changing hands.