Sri Lanka stocks hover close to pre-budget level

EconomyNext – Sri Lankan stocks ended higher for the fourth day Tuesday, just short of erasing losses suffered in a panic sell-off last month with several deals boosting turnover and active trading in Swisstek (Ceylon), the day’s highest gainer.

The benchmark All Share Price Index rose 1.5 percent or 106.26 points to close at 7,304.70 while the S&P SL20 index, which tracks the top 20 largest and most liquid stocks, closed at 4,071.60, up 88.19 points or 2.21 percent.

Turnover was almost 3.3 billion rupees, boosted by several crossings or off-market negotiated deals the biggest of which was in Vidullanka, which builds and operates hydroelectric power projects.

Vidullanka ended at 6.40, up 10 cents or 1.5 percent with a deal of 139.2 million shares, adding 835 million rupees to the day’s turnover.

High-net-worth investor T. Senthilverl bought a 13 percent stake (almost 1.3 million shares) of Central Industries, which makes PVC pipes, at 85 rupees each in a deal worth 110 million rupees.

The seller was D G Wijemanne, a stock exchange announcement said. The share closed at 85.90, up 1.90 rupees or 2.26 percent.

Other deals were in John Keells Holdings, Commercial Bank and Distilleries Company.

Swisstek (Ceylon) was the day’s most actively traded stock and highest gainer, up 17 percent (6.30 rupees) to 43.30 rupees, with 2.7 million shares changing hands. Swisstek, which has extended its wooden flooring business into manufacture of tile grout and mortar and aluminium extrusions, is now part of the Royal Ceramics group.

Index gains were led by in Ceylon  Tobacco Company, John Keells Holdings, Commercial Bank, Dialog Axiata and Hatton National Bank (HNB).

Vallibel Power Erathna among most actively traded stocks. It ended up 4.88 percent (40 cents) at 8.60 rupees with 11.7 million shares traded.

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AMENDED – Clarifying Swisstek (Ceylon) has extended is business beyond flooring.

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