Sri Lanka stocks close up 0.57-pct

Sept 01, 2010 (LBO) - Sri Lankan stocks closed slightly higher Wednesday with heavy trading in shares of a hotel that announced a rights issue, brokers said.

The All Share Price Index closed at 5,690.29, up 0.57 percent (32.28 points) while the more liquid Milanka index rose 0.34 percent (20.16 points) to close at 5,909.32, according to stock exchange provisional figures.

Turnover was 2.78 billion rupees.

Hotel Reefcomber was the most actively traded share, closing at 6.10 rupees, up 50 cents or 8.93 percent, with 29.6 million shares traded, generating a turnover of 178 million rupees, the day's third highest.

The firm, which owns Amaya Reef on the southwest coast, announced it was raising cash by issuing new shares with attached convertible equity warrants preceded by a share consolidation.

SMB Leasing was also heavily traded, closing flat at 2.70 rupees.

The Colombo bourse is up 68 percent so far this year, according to CT Smith Stockbrokers.

Local investors have bought aggressively as company earnings improved in post-war Sri Lanka.

Although foreign investors have been buying as well so far this year there has been a net outflow of foreign funds of 11.7 billion rupees.

Richard Pieris & Company said in a statement its subsidiary Richard Pieris Securities has got a stock broking license from the regulator.

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