Sri Lanka stocks up 7.8-pct in week

Chief Regulatory Officer at CSE Renuke Wijayawardhane presenting the listing certificate to Executive Chairperson at Renuka Hotels Shibani Thambiayah

Sept 14, 2012 (LBO) – Sri Lanka stocks closed up 2.59 percent Friday gaining 7.8 percent through the week in a broad based rally, with record gains by an illiquid new stock, brokers said. The benchmark Colombo All Share Price Index closed at 5,920 gaining 149.6 points and the S&P SL 20 index closed up 2.6 percent at 3,214.3 points up 81.76 points.

George Steuart Finance, an illiquid new listing, extended gains rising 160 rupees or 50 percent to 480 rupees. The stock is now trading at 282 times historical earnings with 87 shares changing hands.

Index heavy John Keells Holdings closed up 5.60 rupees at 218 rupees, Commercial Bank of Ceylon closed at 115.60 rupees, up 3.60 and Dialog Axiata closed up 60 cents at 7.20 rupees and Distilleries closed up 4.0 rupees at 154.00.

Lanka Ashok Leyland closed up 267.80 at 2,367, Lanka Orix Leasing closed up at 57.20 up 12.0 rupees and Lankem Ceylon closed at 203.90 up 24.90.

In forex markets the spot US dollar closed at 132.10/20 rupees, after opening around 132.05 on state bank buying dealers said.