Sri Lanka stocks close up 1.8-pct

Dec 12, 2012 (LBO) – Sri Lanka stocks closed up 1.8 percent Wednesday after the Central Bank cut rates by 25 basis points, driven mostly by domestic buying, brokers said. Asian Alliance Insurance said it had been investing 177 million rupees in commercial paper of Softlogic Capital Ltd, a related party and earned interest of 7.4 million rupees up to November 30.

Corrected: para 01. rate cut of 25bp The benchmark Colombo All Share Price Index close up 98 points at 5,516.6 and the S&P SL20 Index rose 31.3 points to close at 2,994.5 points up 1.06 percent.

Turnover was 479 million rupees. Domestic sales were 330 million rupees and purchases 361 rupees. Foreign investors sold 148 million rupees of stock and bought 117 million rupees of shares.

Dialog Axiata closed at 8.30 up 30 cents, John Keells Holdings rose 2.60 to close at 214.40 rupees and Sri Lanka telecom rose 1.0 rupees to close at 43.30 contributing most to the gain, in a day where 195 stocks advanced and 29 fell.

Most active companies included SMB Leasing whose not voting stock which closed at 0.50 cents rupee up 10 cents with 12.7 million shares traded and Amana Takaful, an Islamic insurer which closed up 20 cents at 1.70 with 1.79 million shares traded.