Sri Lanka stocks close up 1.03-pct

Sept 23, 2010 (LBO) – Sri Lankan shares edged higher into record territory Thursday with prices of a couple of firms invoved in a change of ownership soaring, brokers said. The All Share Price Index closed at 6,772.34, up 1.03 percent (69.35 points) while the more liquid Milanka index rose 1.56 percent (110.13) to close at 7,166.07, according to stock exchange provisional figures.

Turnover was 5.7 billion rupees.

Colombo Pharmacy Company rose 25.90 rupees to close at 2,300 rupees while J L Morison Sons and Jones rose 212.50 to close at 1,800 rupees

A controlling stake in Colombo Pharmacy, an asset rich pharmaceutical retailer, was sold by key shareholders J L Morison Tuesday in a deal valued at over 600 million rupees.

The ASI has almost doubled in the past year as has maket capitalisation which has gone past 2.2 trillion rupees with company earnings improving and economic growth accelerating.