Sri Lanka stocks end up 0.2-pct

Apr 27, 2011 (LBO) – Sri Lankan shares closed mixed once again Wednesday in dull trade with motor sector shares rebounding from losses sustained after a government import duty hike likely to slow car sales, brokers said. Lanka Ashok Leyland, which imports buses from India and did not fall after the import duty hike, rose again to close at 6,401.90, up 1,822.40. The main All Share Price Index closed at 7,363.78, up 0.20 percent (14.61 points) while the more liquid Milanka index fell 0.30 percent (20.17 points) to close at 6,816.37, according to stock exchange provisional figures.

Turnover was 1.3 billion rupees.

Lankem Ceylon was actively traded, closing at 506.60 rupees, up 46.60, while Brown & Company was also actively traded, closing up 17.20 at 338.10 rupees.

Motor shares rebound strongly with the sector itself up 15 percent albeit on thin volumes after falling the previous two days after Monday’s import duty hike on on several models of cars.

Diesel & Motor Engineering, agents for German luxury car manufacturer Mercedes Benz, Cherokee of the US and heavy vehicles and car manufacturer TATA Motors, rose 6.40 to close at 1,601.60.

United Motors, agents for Mitsubishi and Malaysia’s Viva, rose 2.40 to close at 157.80 while Colonial Motors, which imports Land Rover and KIA vehicles, closed at 305.80, up 24.60.