Sri Lankan stocks close up 0.72-pct

Sept 14, 2010 (LBO) – Sri Lankan stocks continued their rally to close at a new high Tuesday, on price gains on selected midcap stocks on low volume trading, while Distilleries Company, Richard Pieris and Aitken Spence boosted turnover, brokers said. Distilleries Company of Sri Lanka, another index heavy share closed at 184.00 rupees, up 3.90 (2.17 percent), while Richard Pieris closed at 171.00 rupees, down 2.60 (1.5 percent) and Aitken Spence closed at 2,999.90 rupees, up 91.50 (3.15 percent).

The All Share Price Index closed at 6,175.06, up 0.72 percent (43.84 points), while the more liquid Milanka index rose 0.26 percent (16.91 points) to close at 6,452.26, according to stock exchange provisional figures.

Turnover was 3.86 billion rupees.

“The combination of long term positivity, good corporate earnings and the availability of cheap credit is taking the CSE to unprecedented levels,” Nikita Tissera, research manager at SC Securities said.

“We did however see some mid-caps marking serious jumps in closing price on low turnover though.”

Selected midcap companies made significant gains on low volume trading, brokers said.

Alliance Finance Company closed at 891.40 rupees, up 81.00 (10 percent) on 200 shares traded, while Asian Alliance Insurance closed at 67.00 rupees, up 4.90 (7.89 percent) with 300 shares changing hands and Asiri Ceneral Hospitals closed at 197.00 rupees, 17.30 (9.63 percent) on 1,100 shares traded.

Capital Development and Investment Company closed at 172.20 rupees, up 8.20 (5.0 percent) on 200 shares traded, Singer Industries closed at 143.50 rupees, up 13.00 (9.96 percent) on 2,000 shares traded and Hunters and Company closed at 900.00 rupees, up 40.00 (4.65 percent) on 100 shares changing hands.

Cargills closed at 180.00 rupees, up 13.40 (8.04 percent), and Haycarb closed at 211.40 rupees, up 19.20 (9.99 percent).

John Keells Holdings, an index heavy stock closed at 290.50 rupees, down 7.80 (2.61 percent), while Hemas Holdings closed at 43.70 rupees, up 80 cents (1.86 percent) and Hayleys closed at 349.00 rupees, up 14.60 (4.37 percent).