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Sri Lanka stocks hit seven-month high

ECONOMYNEXT – Sri Lankan stocks closed early at 12.00 noon owing to general elections, touching a seven-month high with investors enthusiastic over prospects of a stable government if the ruling coalition wins as anticipated, brokers said.

The All Share Price Index gained 29.70 points or 0.40 percent to close at 7,492.04 while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, rose 15.56 points (0.38 percent) to end at 4,164.48.

“The Colombo bourse touched the 7,500 mark after seventh months on the vital General Election day as positive vibes were seen in anticipation of a stable government,” brokers Lanka Securities said.

The benchmark index was lifted by gains in stocks like Sri Lanka Telecom, which closed at 49.00 rupees, up 3.6 percent), CT Holdings, which closed at 145.00, up 9.9 percent, Lion Brewery which ended at 660.00,  up 2.8 percent and Hatton National Bank, which closed at 227.50, up 1.1 percent.

Daily market turnover was 1.2 billion rupees with Bairaha Farms the top contributor to the turnover with 184 million rupees.

Investors bought into the stock after Bairaha Farms reported a profit growth of 237 percent for the June 2015 quarter, pushing it to a fresh high of 190.00 although it closed lower at 188.00, up 13.7 percent, Lanka Securities said.

Ceylon Grain Elevators, Hatton National Bank and Lanka IOC were also heavily traded.

There was a single crossing or off-the-floor negotiated deal of 250,000 Hatton National Bank shares at 228.00 a share which accounted for 5 percent of the total turnover.

“Ceylon Grain Elevators and Three Acre Farms  climbed to new highs underpinned by favorable profit growth,” Lanka Securities said.
Ceylon Grain Elevators rose to 78.00 but closed lower at 76.50, up 5.2 percent while Three Acre Farms rose to 113.00 and closed at 112.00 rupees, up 17.9 percent.

Foreign investors were net buyers with a net inflow of five million rupees mainly seen in Textured Jersey Lanka, Sampath Bank and Commercial Bank while net foreign outflow was mainly seen in John Keells Holdings.  (Colombo/August 17 2015)





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