Mar 04, 2011(LBO) - Sri Lankan stocks rose sharply Friday, recovering some of Thursday's losses, helped by a large crossing of Lanka Hospital and institutional, high-net-worth and retail trading, brokers said.
The All Share Price Index closed at 7,664.72, up 1. 91 percent (143.98 points) while the Milanka Price Index of more liquid stocks closed at 7,029.42, up 0.76 percent (52.93 points), according to stock exchange provisional figures.
Turnover was 7.6 billion rupees.
The Lanka Hospitals which runs the former Apollo hospital closed at 50.90, down 1.40 rupees with over 70 million shares done.
"Distilleries Company sold its 64 million shares stake in Lanka Hospitals to Indian-based Fortis Healthcare at 62.00 rupees per share," Vajirapani Bandaranayake of Bartleet Mallory Stockbrokers, the buying broker, said.
The hospital deal was done through Religare Capital Markets joint-venture with Bartleet Mallory Stockbrokers the financial advisor to Fortis on the transaction, a statement said.
It quoted Malvinder Mohan Singh, executive chairman of Fortis Global Healthcare, as saying: “Lanka Hospitals is the first step for Fortis Global to build its healthcare business interest in one of the fastest growing economies in Asia.
"We believe there are tremendous opportunities for the hospital’s expansion and we will support the company’s management in realising such growth.”
In other trading on the CSE, Ceylon Grain Elevators closed at 199.00, up 4.10 rupees with over 4.1 million shares done. There were two crossings of 3.5 million and 400,000 shares done at 205.00 rupees.
Hemas Holdings closed at 47.00, up 1.00 rupees with 3.8 million shares done. There were three crossings, one of 440,000 at 46.00 rupees and two at 46.50 rupees.
Lanka Securities stockbrokers said foreign participation in the week was 19.6 percent of the total market activity.
At the end of the week foreign investors were the net sellers with a net foreign outflow of 3.4 billion rupees.
source - www.lbo.lk
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