Sri Lankan stocks up, rupee gains

Aug 18, 2009 (LBO) – Sri Lankan shares closed up Tuesday as investors regained some confidence and bet on blue chip and hotel stocks, while the rupee continued to gain against the dollar, brokers and dealers said.

The benchmark Colombo All Share Price Index (ASPI) closed up 1.15 percent (28.73 points) to end at 2,529.19, while the Milanka index of liquid stocks gained 0.76 percent (21.44 points) to close at 2,842.72, according to provisional stock exchange data.

Turnover was 418.4 million rupees.

The rupee continued to strengthen against the greenback and was trading at 114.80/85, dealers said.

On Tuesday there were net foreign outflows worth eight million rupees, with foreign investors buying 67.4 million worth shares and selling shares valued at 75.4 million rupees, brokers said.

“Blue chips stocks are slowly making up for last week’s poor performance,” Shivantha Meepage of Acuity Stockbrokers said.

“Retail investors were upbeat on hotel stocks due to encouraging June tourist arrival numbers.”

Index heavy blue chip conglomerate John Keells Holdings closed at 133.00 rupees, up 1.75.

Sri Lanka’s largest celco Dialog Telekom, a unit of Telekom Malaysia closed at 5.50 rupees, up 25 cents, while fixed line operator Sri Lanka Telecom closed at 43.00 rupees, up 1.00.

Commercial Bank of Ceylon closed at 145.00 rupees, up 1.50, while Hatton National Bank closed at 127.50 rupees, up 1.00.

Retailer favorite Lanka Cement closed at 28.50 rupees, up 25 cents, while National Development Bank closed at 166.25 rupees, down 25 cents.

Index heavy Distilleries Company of Sri Lanka, a unit of unlisted tea company Stassens Group closed at 84.75 rupees, down 25 cents.

Nestles Lanka, the Sri Lankan unit of Swiss based multinational Nestles closed at 440.00 rupees, up 90.00 rupees on 100 shares traded.

Nawaloka Hospitals, controlled by the Dharmadasa family closed at 2.70 rupees, with 3.31 million shares changing hands.

Chevron Lubricants Lanka closed flat at 135.00 rupees.

Confifi Hotels closed at 125.00 rupees, up 7.75, while Hotel Sigiriya closed at 68.50 rupees, up 11.50 with 65,300 shares changing hands.

Hunas Falls Hotel closed at 56.50 rupees, up 5.00.

Serendib Hotels closed at 37.00 rupees, up 0.75 cents, while Sigiriya Village closed at 41.75 rupees, up 3.25, on 444,400 shares changing hands.

Tangerine Beach Hotel closed at 58.00 rupees, down 2.00, while city hotel, Trans Asia Hotel, a unit of JKH Group closed at 125.25 rupees, up 25 cents.