Sri Lanka stocks recover

Aug 19, 2008 (LBO) – Sri Lankan stocks recovered some lost ground Tuesday largely on gains in Sri Lanka Telecom but on thin volumes with more trading again seen in Chemical Industries (Colombo) (CIC), brokers said. The All Share Price Index closed up 0.40 percent (9.72 points) at 2,438.61 while the more liquid Milanka rose 0.72 percent (20.53 points) to 2,857.56. Turnover was 125 million rupees.

Foreign investors were more on the selling side.

The indices were lifted by gains in Sri Lanka Telecom which ended 3.93 percent (1.75 rupees) higher at 46.25 rupees with 101,700 shares traded.

The Bukit Darah also rose, ending 2.19 percent (34.75 rupees) higher at 1,625 rupees.

Dialog Telekom ended flat at 12 rupees.

Bartleet Mallory Stock Brokers said CIC retained its dominant position from Monday’s trading in contribution to market turnover.

CIC closed 0.57 percent or 25 cents lower at 43.50 rupees with 486,000 shares changing hands and contributing 21.5 million rupees to the day’s turnover.

Ceylon Brewery was the top gainer for the day, ending up 12.30 percent (7.50 rupees) at 68.50 rupees.