Sri Lanka stock end up 0.7-pct

July 05, 2011 (LBO) - Sri Lankan stocks recovered Tuesday with gains in index-heavy shares like John Keells Holdings in which there were six crossings or off-market private deals and foreigners being net buyers, brokers said. The All Share Price Index went up by 46.05 points (0.67 percent) to close at 6,862.79 while more sensitive Milanka Price Index rose 116.65 points (1.84 percent) to close at 6,816.74. turnover was 2.5 billion rupees.

"The stock market recorded a significant turnaround today with both benchmark indices recording substantial gains," said Lanka Securities.

"The largest listed conglomerate John Keells Holdings made the highest contribution to daily turnover with an amount of 1.4 billion rupees."

They said 6.7 million JKH shares changed hands as six crossings at a price of 207.00 rupees per share. JKH closed at 215.00, up 8.20 (4.0 percent).

"Further fundamentally sound counters such as Commercial Bank and Asian Hotels & Properties recorded the second and third highest turnover levels along with one crossing from each stock," the brokers said.

Commercial Bank closed at 259.80, up 8.20 rupees and Asian Hotels & Properties closed at 89.00, up 1.00.

Lanka Securities said relatively high foreign participation was seen during the day accounting for 62 percent of the total market activity.

At the end of trading foreign investors were net buyers with a net foreign inflow of 28.3 million rupees.