June 26, 2009 (LBO) – Sri Lankan stocks recovered on Friday, pushed up by retail investors who targeted blue chips and midcap shares, while foreign investors were net sellers during the week, brokers said.
The benchmark Colombo All Share Price Index closed up 1.16 percent (28.03 points) to end at 2,447.04 Friday while the Milanka index of liquid stocks gained 1.10 percent (29.78 points) to close at 2,725.07, according to provisional stock exchange data.
Turnover was 596.4 million rupees.
Brokers said the Milanka Index was down 1.4 percent during the week.
On Friday there was net foreign buying worth 20.6 million rupees, with foreign investors buying 56.2 million worth shares and selling shares valued at 35.6 million rupees, brokers said.
But during the week foreigners bought 569 million rupees worth of shares and sold 715.1, resulting in a net outflow of 146.1 million rupees, brokers said.
â€œInvestors were upbeat on retail midcap stocks, in a week where profit taking was high,â€ Shivantha Meepage of Acuity Stockbrokers said.
â€œHowever we expect the fundamentally sound counters to regain momentum along with the occasional profit taking in the weeks ahead.â€
Brokers said 9.35 million of Nawaloka shares, 5.72 million Piramal Glass shares, 1.12 million Lanka Cement shares, 3.25 of Tess Agro shares and 1.33 million Eden Hotel shares changed hands.
Nawaloka closed at 2.70 rupees, up 10 cents, while Piramal Glass closed flat at 1.90 rupees.
Lanka Cement closed at 23.00 rupees, up 25 cents, while Tess Agro closed at 1.00 rupee, down 10 cents.
Eden Hotel closed at 22.00 rupees, up 75 cents.
â€œBlue chip stocks recovered some ground after this weekâ€™s profit taking,â€ Meepage said.
Conglomerate John Keells Holdings after losing ground this week, recovered to closed at 136.00 rupees, up 2.50.
Distilleries Company of Sri Lanka, a unit of the Stassens Group closed at 86.00 rupees, up 75 cents.
Aitken Spence, also linked to Stassens, closed at 649.75 rupees, up 9.75, while Aitken Spence Hotel Holdings closed at 150.00 rupees, up 5.00.
The spot dollar remained unchanged at 114.90/95 rupees in late afternoon trade, dealers said.
Commercial Bank of Ceylon closed at 136.25 rupees, up 2.25, while National Development Bank closed at 151.25, up 4.25.
DFCC Bank closed at 135.25 rupees, up 75 cents, while Hatton National Bank closed at 120.00 rupees, up 1.00.
Nations Trust Bank closed the week at 31.50 rupees, down 50 cents.