Sri Lanka stocks up on poultry

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

Jan 26, 2011 (LBO) – Sri Lanka stocks closed 0.23 percent higher with poultry stocks being chased higher by punters, while some plantations stocks also moved up, while the broader index closed higher than an index of liquid stocks, brokers said. The All Share Price Index closed at 7,241.87, up 0.23 percent (6.63 points) while the Milanka Price Index of more liquid stocks closed at7,220.85, down 0.28 percent (-20.07 points) according to stock exchange provisional figures.

Turnover was five billion rupees. There were 91 gainers and 131 losers.

Biaraha Farms closed at 495.90, up 13.20 rupees and Three Acre Farms closed at 179.60, up 20.60 rupees while its parent Ceylon Grain Elevators at 185.20, up 24.20 rupees.

Sampath Bank closed at 299.90, up 8.70 rupees with over 2.1 million shares traded and Hatton National Bank closed at 395.30, up 2.50 rupees.

The All Share Price Index has illiquid stocks which have been driven to dizzy heights by punters in recent weeks. Sri Lanka’s interest rates are now at record lows and market price earnings multiples high.

Meanwhile some large cap, liquid stocks lost ground. John Keells Holdings closed at 292.00, down 0.50 cents and Aitken Spence closed at 177.70, down 6.00 rupees.

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