Sri Lanka shares end up 0.5-pct

Apr 11, 2011 (LBO) – Sri Lankan shares closed higher at the start of a short trading week with illiquid stocks rising sharply on speculation and a single large deal in a bank, brokers said. The trading week has been shortened to two days by traditional new year holidays. The All Share Price Index closed at 7,454.22, up 0.54 percent (40.35 points) while the more liquid Milanka index rose just 0.01 percent (0.65 points) to close at 7,021.87, according to stock exchange provisional figures.

Turnover was 1.5 billion rupees.

The sole crossing for the day was a million Commercial Bank shares done at 275 rupees each. The stock closed at 270.70, up 40 cents.

PC House was the most actively traded stock with over 3.3 million shares done, closing at 21.40 rupees, up 60 cents.

The Colombo Fort Land & Building Company was also heavily traded, closing at 446.10 rupees, up 32.50 with 169,100 shares changing hands.

The Union Bank was also heavily traded, closing at 33.50, up 30 cents as was Brown & Company which closed at 341.40 rupees, up 12.50.

There was also interest in The Lion Brewery Ceylon which closed at 227.90 rupees, up 13.30 with 461,100 shares done.

Brokers said retail investors continued to speculate on illiquid stocks some of whose prices rose sharply.

Gestetner of Ceylon closed at 190.90 rupees, up 44.40 rupees with 25,600 shares traded.

J L Morison Sons & Jones closed at 3,235 rupees, up 735 rupees with 5,000 shares done and E B Creasy & Company closed at 3,055 rupees, up 555.80 rupees with just 200 shares traded.