Sri Lankan stocks close up 1.02-pct

Aug 31, 2010 (LBO) – Sri Lankan stocks bounced back Tuesday, driven by interest in selected blue chip and midcap stocks, while heavy buying of Asia Capital and Distilleries Company boosted turnover, brokers said.

The All Share Price Index closed at 5,658.01, up 1.02 percent (57.24 points) while the more liquid Milanka index rose 0.47 percent (27.29 points) to close at 5,889.16, according to stock exchange provisional figures.

Turnover was 2.9 billion rupees.

Distilleries Company of Sri Lanka closed at 145.10 rupees, up 5.30 (3.79 percent) with over 1.1 million shares traded, while Asia Capital closed at 44.50 rupees, up 3.60 (8.80 percent) with 2.55 million shares changing hands, brokers said.

John Keells Holdings, an index heavy conglomerate closed at 265.30 rupees, up 2.40 (0.91 percent) with 2.3 million shares traded.

Touchwood Investment, a forestry company closed at 34.00 rupees, up 60 cents (1.80 percent) with one million shares traded, brokers said.

Investors were seeking shares that offered good value, brokers said.

LB Finance closed at 176.50 rupees, up 11.10 (6.71 percent) with 571,000 shares traded, while People’s Leasing Finance closed at 97.00 rupees, up 3.00 (3.19 percent). Property Development closed at 48.50 rupees, up 3.80 (8.50 percent).

‘Penny’ stock Muller and Phipps closed at 1.60 rupees, up 10 cents with 13.6 million shares traded.