Sri Lankan shares up 0.56-pct

Sep 29, 2009 (LBO) – Sri Lankan shares closed up Tuesday as investors bet on an expected rally in the coming weeks when market liquidity is lifted by refunds from two Initial Public Offerings (IPOs), brokers said. Hatton National Bank closed at 163.25 rupees, up 1.25, while DFCC Bank closed flat at 151.00 rupees.

Sampath Bank closed at 169.75 rupees, down 25 cents.

Ship builder Colombo Dockyard closed at 160.00 rupees, up 2.50, while Chevron Lubricants Lanka Limited, a unit of US based energy company Chevron closed at 151.00 rupees, up 1.00.

Celco Dialog Telekom, the Sri Lankan unit of Telekom Malaysia closed at 6.25 rupees, down 25 cents, while Sri Lanka Telecom closed 44.75 rupees, up 50 cents.

Retailer favorite Touchwood Investments closed at 99.25 rupees, up 10.25, while Tokyo Cement closed at 187.50 rupees, up 7.50.

The All Share Price Index was up 0.56 percent (16.29 points) to end at 2,909.93 while the more liquid Milanka gained 0.29 percent (9.41 points) to close at 3,259.16, according to provisional stock exchange figures.

Turnover was 729.4 million rupees.

“The market is expected to consolidate from its technical correction as renewed buying interest was witnessed today,” Manjula Kumarasinghe, director at stock brokering house SKM Lanka Holdings said.

“The refunds from the Hemas Power IPO and entry into the market by NAMAL Fund are expected to improve market liquidity, which will enhance the hunt for favorable shares.”

Over 6.6 million Seylan Bank non-voting shares changed hands today to close at 15.25 rupees, up 1.50.

Index heavy conglomerate John Keells Holdings (JKH) closed at 150.75 rupees, up 50 cents, while Distilleries Company of Sri Lankan closed at 86.75 rupees, down 75 cents.

Sri Lanka’s largest bank, Commercial Bank of Ceylon closed at 172.00 rupees, up 2.25 while National Development Bank closed at 189.75 rupees, down 25 cents.

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