June 17, 2009 (LBO) – Sri Lankan stocks extended gains Wednesday, as high volume transactions on diversified conglomerates, banks and hotels propped up the market, brokers said.
Dialog Telekom, a unit of Telekom Malaysia was active with 1.37 million shares trading mostly at 5.50 rupees, its closing price.
Brokers said hotel stocks were also active today.
Amaya Leisure closed at 30.50 rupees, up 2.00, while Confifi Hotels closed at 110.75 rupees, up 75 cents.
Hotel Developers closed at 95.50 rupees, up 14.00, Kandy Hotels Company closed at 89.75 rupees, up 4.75, on thin volumes.
Commercial Bank of Ceylon closed at 129.00 rupees, up 3.00 rupees.
Index heavy fixed line giant Sri Lanka Telecom closed at 44.75 rupees, up 1.75.
National Development Bank closed at 135.25 rupees, up 5.25.
Foreign investors were net sellers for 68.0 million rupees, buying 191.0 million worth shares and selling shares valued at 259.0 million rupees.
The spot dollar remained unchanged at 114.90/95 rupees in late afternoon trade, dealers said.
The benchmark Colombo All Share Price Index closed up 2.20 percent (50.51 points) to end at 2,342.92 while the Milanka index of liquid stocks gained 2.31 percent (59.02 points) to close at 2,618.08, according to provisional stock exchange data.
Turnover was 1.01 billion rupees.
“The market is continuing a good run for the third consecutive week,” Dharshi Ghaneshan, research analyst at Bartleet Mallory Stockbrokers said.
“In the medium term investors would eye mid-cap stocks since they have not appreciated much as the blue chip counters.”
Brokers said 387 million rupees worth of John Keells Holdings (JKH) shares changed hands between 125.00 and 128.00 rupees.
Conglomerate JKH which has interests in logistics, property, finance and retail, closed at 128.25 rupees, up 4.50.
“The financial sector has been doing well and in the coming weeks we expect the same moment to continue,” said Ghaneshan.