Sri Lanka Stock Picks

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Friday, September 17, 2010

Sri Lanka bourse at new peak again on strong growth hope

* Market up 1.8 pct after more-than-expected Q2 GDP

* Rupee edges down on importer dollar demand

COLOMBO, Sept 16 (Reuters) - Sri Lankan shares hit a fresh record high on Friday as the Finance Ministry said the country's economy will expand by nearly 8 percent this year, after government data showed strong growth in the second quarter. [ID:nSGE68G0A5]

Sri Lanka's main share index .CSE jumped 1.8 percent to hit a new peak of 6,457.28 points. It touched an intraday high of 6,492.22 points. The index is Asia's best performer in 2010 with a 90.7 percent gain. It has risen 7.2 percent this week.

Top private lender Commercial Bank of Ceylon COMB.CM rose 3.5 percent while development lender DFCC Bank DFCC.CM gained 4 percent.

Market turnover was 5.4 billion rupees ($47.8 million), nine times the 2009 average. Foreign investors sold a net 54.1 million rupees' in shares and they have overall sold a net 14.1
billion rupees' worth stocks this year.

source - www.reuters.com