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Sri Lanka stocks surge 1.8-pct

Officials from K. Seeds Investments Pvt Ltd (at left) with officials from Commercial Credit and Finance PLC (at right)

Apr 29, 2013 (LBO) - Sri Lanka’s stock surged up 1.8 percent Monday adding 40 billion rupees to stock values partly helped improved sentiment from a 2.9 billion rupee ceramic sector acquisition, brokers said. Commercial Leasing and Finance gained 0.30 rupees to close at 4.90 rupees

The stock exchange said top contributors to the index gain was John Keells Holdings which closed up 7.40 rupees at 260.20, Nestle Lanka which closed up 61.10 rupees at 1,885.10 and Distilleries which rose 6.80 to close at 179.40 rupees.

Ceylon Tobacco Company gained 1.00 rupee to close at 821.00 rupees Dialog Axiata closed at 9.70 rupees up by 0.20 rupees. The Lion Brewery Ceylon closed at 364.90 rupees down 0.40 rupees.

Aitken Spence closed at 128.70 up 3.70 rupees.

The market traded at 16.5 times historical earnings and stock values rose 40 billion rupees to 2,346 billion rupees. The benchmark Colombo All Share Index closed 107.99 points higher at 6,121.17 up 1 and the S&P SL 20 Index closed 55.138 points higher at 3,461.12 up 1.62 percent.

Foreign investors purchased 123 million rupees of shares and sold 94 million rupees worth in a day that saw 166 stocks advancing and 58 retreating.

Turnover rose to 4.1 billion rupees from 881 million rupees a day earlier following 2.9 billion rupees acquisition of Lanka Ceramics Plc by Royal Ceramics.

Lanka Ceramic gained 40.00 rupees to close at 120.00 rupees.

Royal Ceramic closed at 100.50 rupees up 3.30 rupees. Lanka Ceramic units, Lanka Wall Tiles gained 4.00 rupees to close at 65.00 rupees and Lanka Floor Tiles closed at 69.00 rupees up 4.00 rupees.

Brokers said the passing of a 6,000 point psychological barrier in the benchmark index may also have helped push stocks to a 16 months high. The Colombo All Share Index was at 6,140 on November 11, 2012.

Commercial Bank of Ceylon gained 1.30 rupees to close at 117.90 rupees. Hatton National Bank closed at 168.50 rupees down 0.90 rupees.

Pan Asia closed at 21.00 rupees up 0.10 rupees. Union Bank of Colombo closed at 19.40 rupees up 0.30 rupees.

DFCC Bank gained 0.80 rupees to close at 143.50 rupees. Sampath Bank closed at 217.10 rupees up 1.10 rupees.

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