Sri Lankan stocks 0.24-pct up

Dec 10, 2009 (LBO) – Sri Lankan shares closed up Thursday while high volume trading on Commercial Bank of Ceylon shares boosted turnover levels, brokers said. Sri Lanka’s largest celco Dialog Telekom, a unit of Telekom Malaysia closed flat at 7.00 rupee, and the largest fixed line operator Sri Lanka Telecom closed at 43.50 rupees, up 50 cents, Lanka Cement closed at 24.50 rupees, down 50 cents.

Coco Lanka made a rights issue with a proportion of Five new ordinary voting shares for seven existing ordinary voting shares held, while one ordinary non voting share for every seven existing ordinary shares held.

Brokers said Coco Lanka is raising funds to settle related company borrowings and invest in agriculture and food and beverage ventures given the post war opportunities in Sri Lanka.

The All Share Price Index closed at 3,060.01 up 0.24 percent (7.27 points) while the Milanka Price Index of more liquid stocks closed at 3,473.56, up 0.11 percent (3.67 points).

Turnover was 584.8 million rupees, according to provisional Colombo Stock Exchange statistics.

The market stabilizing but needs foreign trades to achieve higher turnover levels, brokers said.

Commercial Bank of Ceylon closed at 175.50 rupees, down 1.00 with 1.38 million shares changing hands today. Brokers said a foreign party sold.

DFCC Bank closed at 151.75 rupees, up 75 cents, Hatton National Bank closed at 166.00 rupees, up 1.00 and Sampath Bank closed flat at 190.00.

Conglomerate John Keells Holdings closed at 154.00 rupees, down 1.00, and Distilleries Company of Sri Lanka closed at 99.00 rupees, up 3.00, after an announcement that it was seeking an insurance license.

Asian Hotels and Properties closed at 84.50 rupees, up 2.50, Hotel Sigiriya closed at 52.75 rupees, up 25 cents, Hunas Falls Hotels closed at 52.00 rupees, up 50 cents, Pegasus Hotels closed at 32.75 rupees, down 75 cents and Serendib Hotels closed flat at 39.00 rupees.