Sri Lankan shares up, Asia Capital stake sold

May 15, 2009 (LBO) – Sri Lankan shares went up across-the-board Friday on news the war would end in the next few days, while 26.83 percent of Asia Capital shares changed hands in a local to foreign deal, broker said.

The All Share Price Index of the Colombo stock exchange rose 1.23 percent (23.25 points) to end at 1,907.67 while the Milanka index of liquid stocks went up 1.31 percent (26.71 points) to close at 2,068.26.

Turnover rose to 420.1 million rupees from 174.4 million a day earlier.

“There was across the board buying on nearly all counters,” said Geeth Balasuriya of Acuity Stockbrokers.

“Investors expect the security forces to eliminate the remaining Tiger (fighters) in the coming days.”

The government has said it would end the last resistance of the Tamil Tiger remnants cornered on a small strip of coast in the north-east in the next two days.

Asia Capital contributed 178.4 million rupees to the day’s turnover, in a local to foreign deal, brokers said. .

Asia Capital said in a stock exchange filing that its client V S Vijayaratnam bought 29,513,800 shares of Asia Capital Friday at six rupees a share amounting to about 26.83 percent of the firm’s issued capital.

Asia Capital lost one rupees to close at 6.00.

John Keells Holdings (JKH) which has interests in transport, finance, retail, food processing and property development businesses, gained 2.75 rupees to close at 79.00.

Chevron Lubricants, a subsidiary of Chevron, gained 2.25 rupees to close at 118.00.

“Retailers were aggressively chasing behind the discounted stocks,” said Balasuriya.

Colombo Dockyard gained 1.75 rupees to close at 68.75, while diversified Hemas Holdings gained 125 rupees to close at 70.00.

Ceylinco Insurance gained 1.50 rupees to close at 89.75

Foreign buying was at 187.5 million rupees, while foreign selling 97.8 million.