Sri Lankan stocks end up, DFCC Bank deal dominates

(EconomyNext) – Sri Lankan stocks closed firmer Wednesday with trading dominated by a deal in DFCC Bank with the seller Distilleries Company, which is believed to be restructuring its portfolio, brokers said.

The All Share Price Index closed up 25.20 points (0.35 percent) at 7,263.25 while the S&P SL20 index, which tracks the top 20 largest and most liquid stocks on the Colombo Stock Exchange, ended up 6.58 points (0.16 percent) at 4,069.75.

Turnover was 3.8 billion rupees the bulk of which came from a large crossing or off-market negotiated deal in DFCC Bank, with the seller believed to be Distilleries Company, just like Tuesday’s deal in Commercial Bank.

Distilleries Company is believed to be restructuring its portfolio of listed company stakes and bringing them under one holding company.

DFCC Bank closed unchanged at 218.50 after hitting a day’s high of 222.80 rupees.

Reshan Wediwardana, research analyst at First Capital Equities, said the DFCC Bank deal added 3.5 billion rupees to the day’s turnover.

"Overall, the market went up by 25 points mainly because of the increase in prices of
Commercial Leasing & Finance, Dialog, Nestle, Access Engineering and John Keells Holdings."

Commercial Leasing is an illiquid share which went up over nine percent on small volumes.

 

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