Sri Lanka stocks up 1.9-pct

Sept 12, 2012 (LBO) – Sri Lanka stocks rose 1.9 percent Thursday with saw penny stocks and key large caps moving up, extending a rally that began in late August, brokers said. The Colombo All Share Price Index rose 108.9 points to close at 5,777.22 and the S&P SL 20 index rose 1.93 percent to 3,132.5, gaining 59.33 points.

Stocks have risen 21 percent from June 06, and 14.6 percent since August 23, with only a day’s pause this week. The August rally began with the replacement of a market regulator who was tough on securities fraud.

Newly listed George Steuart Finance extended gains rising 106.30 to close at 320.00 on the second day of trading with 286 shares traded, dealers said.

The firm which reported earnings of 1.7 rupees in the year to March 2012 is trading at an earnings multiple of 188.

Asia Siyaka, another new listing fell 70 cents to 9.20 rupees, on the second day of trading. The firm which has historical earnings of 20 cents, is trading at 46 times earnings. On the first day it traded as high as 110 times earnings.

Index-heavy John Keells Holdings rose 4.0 rupees to close at 212.40, Hatton National Bank closed up 8.70 rupees at 115.70 and Commercial Bank rose 2.80 to close at 112.0 and Central Finance rose 4.0 rupees to close at 169.10.

Alufab rose 5.50 to 36.50 rupees, Bimputh Finance rose 4.10 to 29.20 rupees, C W Mackie rose 7.40 to 79.40 and Ceylon Beverage Holdings rose 11.6 percent to 352.7 rupees.

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