Sri Lanka stocks up 2.3-pct after rights vote

May 28, 2009 (LBO) – Sri Lankan closed up 2.3 percent as the market reacted positively to a vote in favour Sri Lanka’s government at a UN human rights body, brokers said.

“Investors were optimistic about the future potential of the economy because confidence levels are also high,” said Balasuriya.

Sri Lanka’s largest privately held bank, Commercial Bank of Ceylon gained 1.00 rupee to close at 85.75.

Hatton National Bank gained 4.00 rupees to close at 112.50. Diversified Hayleys closed up 3.50 rupees to close at 118.00 on thin trades.

In forex markets the rupee was flat at 114.90/115.00 against the US dollar. The Colombo All Share Price Index gained 51.21 points to end at 2,207.25 Milanka index of liquid stock rose 2.50 percent (61.53 points) to close at 2,520.50, according to provisional stock exchange figures.

Turnover was 1.3 billion rupees.

“The outcome of yesterday’s session of the United National Human Rights Council had a positive impact on the market,” said Geeth Balasuriya of Acuity Stockbrokers.

“However there can be some profit taking tomorrow.”

The rights body adopted a document sponsored by Sri Lanka and mainly Asian nations, while an attempt by the West to press for a rights probe failed.

Index-heavy John Keells Holdings, a diversified group, gained 4.00 rupees to close at 114.00.

Dialog Telekom, Sri Lanka’s largest celco, closed flat at 5.50 rupees, with 11.6 million shares traded.