Sri Lankan stocks close up 0.71-pct

Aug 27, 2010 (LBO) – Sri Lankan stocks closed the week at another record high and passed the 5,600 mark Friday, from price gains on fundamentally strong midcap shares, while newly listed PC House shares closed below the offer price, brokers said.

The All Share Price Index closed at 5,634.15, up 0.71 percent (39.85 points) while the more liquid Milanka index rose 0.25 percent (14.89 points) to close at 5,897.11, according to stock exchange provisional figures.

Turnover was 1.9 billion rupees.

PC House shares which made its debut at the Colombo Stock Exchange earlier this week closed at 10.00 rupees, down 1.00 ( 9.09 percent). The share was offered at 11.00 rupees at the initial public offering with 2.2 million shares traded, brokers said.

Investors continued to buy into midcap stocks that were fundamentally sound, brokers said.

Amaya Leisure closed at 93.00 rupees, up 3.00 (3.33 percent), Arpico Finance Company closed at 93.90 rupees, up 3.40 (3.76 percent), Bairaha Farms closed at 133.80 rupees, up 3.00 (2.29 percent) and Central Finance closed at 583.80 rupees, up 4.30 (0.74 percent).

Chemical Industries (Colombo) closed at 67.50 rupees, up 2.70 (4.17 percent), Colonial Motors closed at 166.90 rupees, up 15.10 (9.95 percent), Kelani Tyres closed at 111.80 rupees, up 10.10 (9.93 percent) and Merchant Bank of Sri Lanka closed at 36.80 rupees, up 1.50 with almost 950,000 shares changing hands.

Eden Hotel Lanka closed at 60.80 rupees, up 4.80 (8.57 percent) with nearly 1.4 million shares traded, brokers said.

There was some high net worth interest on selected blue chip stocks, brokers said.

John Keells Holdings, an index heavy stock closed at 236.10 rupees, up 70 cents (0.27 percent, while Aitken Spence closed at 2,588.50 rupees, down 8.90 (0.34 percent), Hayleys closed at 329.80 rupees, down 20 cents (0.06 percent) and Hemas Holdings closed at 39.70 rupees, up 20 cents (0.51 percent).