Sri Lankan shares hit 28 month high, close 1.42-pct up

Sep 08, 2009 (LBO) – Sri Lankan shares closed up on Tuesday, driven by retail interest in hotel and property development stocks and high net worth investor interest in selected blue chips, brokers said. The benchmark Colombo All Share Price Index (ASPI) was up 1.42 percent (37.91 points) to close at 2,712.46 while the Milanka index of liquid stocks gained 0.83 percent (25.19 points) to close at 3,048.96, according to provisional stock exchange data.

Turnover was 1.1 billion rupees.

“Investors continued to be bullish mostly on blue chips, property developments and the hotel sectors,” Nikita Tissera, Manager Research at stock brokering house SC Securities said.

“Investors are coming back to shares that have more fundamental values.”

John Keells Hotels, a unit of the index heavy John Keells Holdings (JKH) conglomerate, traded at 18.00 rupees, up 1.00 on 953,000 shares traded, while Serendib Hotels was at 68.75 rupees, up 75 cents.

Tangerine Beach Hotels closed closed at 75.00 rupees after peaking at after peaking at 77.00 rupees, up 1.25, while The Light House Hotel closed at 75.00 rupees, up 5.00 with 13,300 shares changing hands.

Stafford Hotels closed at 28.00 rupees, up 1.00, while Riverina Hotels closed at 68.50 rupees, up 50 cents on 33,800 shares traded. Hotel Reefcomber closed at 2.20 rupees, up 10 cents with 4.75 million shares traded, while Cinnamon Lakeside Colombo (formerly Trans Asia Hotel) closed at 148.00 rupees, down 1.00.

Brokers said 2.76 million shares of Colombo Land and Development Company changed hands. It closed at 4.90 rupees, up 30 cents, while Property Development close dat 29.75 rupees, up 1.25.

In an off-the-floor deal 300,000 John Keells Holdings shares changed hands between 137.00 and 140.00 rupees to close at 139.50 rupees, up 3.00, while diversified Aitken Spence closed at 698.25 rupees, up 23.25.

Sampath Bank closed at 163.25 rupees, up 13.25, while Sri Lanka’s largest listed bank, Commercial Bank of Ceylon closed at 156.50 rupees, up 2.75.

Index heavy Distilleries Company of Sri Lankan 80.50 rupees, down 1.50, while Ceylon Tobacco Company closed at 172.25 rupees, up 1.25.