Sri Lanka Stock Picks

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Monday, September 20, 2010

Sri Lanka shares at new peak on price limit removal

* Market up 1 pct on price band removal, growth hopes

* Rupee edges down on importer dollar demand

* People's Leasing, Arpico Finance almost double

COLOMBO, Sept 20 (Reuters) - Sri Lanka's benchmark share index hit a new record high on Monday on robust economic growth hopes and the removal of a 10 percent daily share price limit imposed by Securities and Exchange Commission (SEC) early last month.

Sri Lanka's main share index .CSE closed 1 percent up to hit a record high of 6,521.43 points. It touched an intraday high of 6,589.21 points and then fell due to profit taking. The index is Asia's best performer in 2010 with a 92 percent gain.

The SEC removed the blanket 10 percent price limit with effect from Monday [nSGE68E087].

Analysts said higher growth hope after Sri Lanka last week posted an 8.5 percent for April-June quarter also helped boost the bourse. [nSGE68F0GG]

Shares in People's Leasing SMLL.CM and Arpico Finance ARPL.CM almost doubled with surges of over 90 percent, which analysts attributed partly to their illiquid nature as well as their links to post-war economic growth prospects.

Market turnover was 3.9 billion rupees ($35.6 million), nearly seven times the 2009 daily average. Foreign investors bought a net 170.6 million rupees' of shares, but they have overall sold a net 14 billion worth of stocks this year.

source - www.reuters.com