Sri Lankan stocks close 0.7-pct up, hotels gain

Jan 15, 2010 (LBO) – Sri Lankan shares closed up Friday as investors chased after mid cap stock, especially hotels sector, while high interest on conglomerate John Keells (JKH) pushed turnover past 1.5 billion rupees, brokers said. The All Share Price Index closed at 3,563.14, up 0.75 percent (26.43 points) while the Milanka index of more liquid stocks gained 0.34 percent (13.91 points) to close at 4,099.28.

Turnover was 1.56 billion rupees.

“The recent retail appetite for high risk was again was again evident as more than 25 percent of the day’s trade was dominated by variants of the Environmental Resources shares,” Nikita Tissera, research manager at SC Securities said.

“Investors are threading a really thin line here. Investors should take a more caution as the market multiples have jumped up considerably in the past six months.”

The firm’s 0000 warrant closed at 94.50 rupees, down 2.00, while its 0001 warrant also closed at 94.50 rupees, down 2.00. Environmental Resources Holdings voting shares closed at 118.50 rupees, down 3.50.

ACL Cables closed at 83.50 rupees, up 3.00 and ACL Plastics closed at 77.25 rupees, up 3.25. Asian Hotels and properties closed at 108.00 rupees, up 3.25, Aitken Spence Hotels 345.00 rupees, up 10.00, Confifi Hotel closed at 170.00 rupees, up 10.00, John Keells Hotels closed at 32.00 rupees, up 2.50, and Sigiriya Village Hotels closed at 41.00 rupees, up 3.00.

JKH closed at 178.75 rupees, down 25 cents, and alcohol producer Distilleries Company of Sri Lanka closed flat at 120.00 rupees.

Commercial Bank closed at 193.00 rupees, up 1.00, Hatton National Bank closed at 175 rupees, down 1.00, Sampath Bank closed at 217.00 rupees, down 1.25 and Seylan Bank closed at 39.75 rupees, up 25 cents.

National Development Bank closed at 206.75 rupees, up 25 cents, and DFCC Bank closed at 167.75 rupees, down 25 cents.

Sri Lanka’s largest celco Dialog Telekom, a unit Malaysia’s Axiata closed at 6.75 rupees, down 25 cents, and fixed line operator Sri Lanka Telecom closed at 43.50 rupees, up 1.25.

Corrected