Tuesday, May 7, 2013

Sri Lanka stocks extend gains

May 07, 2013 (LBO) – Sri Lanka's stocks closed up 1.4 percent Tuesday, on the back of a 1.8 percent gain a day earlier driven by interest in banking and diversified holdings companies, brokers said.

 The benchmark Colombo All Share Index closed 80.51 points higher at 6,201.68 up 1.32 percent and the S&P SL 20 Index closed 50.83 points higher at 3,511.95 up 1.47 percent. Colombo stocks are now at 17 month highs.

 Turnover was 1.38 billion rupees with 54.4 million shares changing hands and foreign buying accounting for 14.3 percent of the day’s market activity.

Foreigners bought 322 million rupees of shares and sold 74 million rupees worth in a day that 165 stocks advanced and 48 stocks retreated.

Diversified Aitken Spence closed up 9.60 at 138.30, JKH extended rose 4.30 to 264.50 rupees and Vallibel One rose 2.30 to 21.40 rupees following yesterday's take-over of the Lanka Ceramics group contributing most to the index gain.

Lanka Floor Tiles rose 1.20 rupees 70.20 rupees, Lanka Walltiles closed up 2.0 rupees at 67.00 rupees.

Colombo Land & Development and Textured Jersey were the heavily traded stocks during the day.

 Textured Jersey Limited said net profits for the March 2013 quarter rose 47 percent to 321 million rupees, helped by tighter cost controls and net finance income. The firm reported earnings of 49 cents per share for the quarter, in accounts filed with the CSE.

In the banking sector, Sampath Bank gained 5.00 rupees to close at 222.10 while DFCC gained 6.60 rupees closing at 150.00.10.

Ceylon Tobacco Company gained 4.00 rupees to close at 825.00 and The Lion Brewery Ceylon closed at 510.00 rupees up 3.70 rupees.

The market price earnings ratio on historical proifts is now 16.8 times up from 16.5 times on Monday with stock values climbing 31 billion rupees to 2,377 billion rupees.

source - www.lbo.lk

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