Sri Lanka stocks up 1.17 pct

CEAT Kelani Holdings Managing Director Ravi Dadlani (right) and Lanka Ashok Leyland CEO Umesh Gautham exchange the OEM agreement

July 27, 2012 (LBO) – Sri Lanka’s stocks closed 1.17 percent Friday, Aviva NDB Insurance gaining on take-over speculation, while the rupee weakened in intra-day trading brokers and dealers said. The spot US dollar topped 132.0 rupees after the proceeds of a billion US dollar bond by passed the market and rupee liquidity was created instead. Market participants had earlier expected at least some of the dollars to be sold in the market.

The Colombo All Share Price rose 56.90 points to 4,933.09 and the S&P 20 Index of large cap stocks rose 0.98 percent (26.91 points) to 2782.50

Turnover was 425 million rupees.

Positive sentiments over JKH’s financial performance for the June quarter and Odel’s acquisition by Parkson Retail Asia helped push the market up, brokers said.

The Spot US dollar closed 131.50/60 after state bank selling, dealers said.

The day’s turnover of 425 million rupees was dominated by John Keells Holdings with 56 million rupees and Central Finance with 54 million rupees.

AVIVA NDB Insurance PLC gained 93.20 rupees to close at 268.20 up 53.26 percent.

DFCC slipped 1.00 rupee to close at 109.00 rupees.

Dialog Axiata PLC, the country’s largest mobile phone operator closed flat at 6.10 rupees.

Aitken Spence Plc slipped 90 cents to 110.20 rupees. John Keells Holdings closed flat at 59.00 rupees.

Commercial Bank closed flat at 97.50 cents while Hatton National Bank fell 2.10 rupees to close at 135.00 down 1.53 percent.

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