Sri Lanka stocks close up 0.4 –pct; investors optimistic

Aug 17, 2015 (LBO) – Sri Lanka’s stocks closed up 0.40 percent on Monday, with investors enthusiastic about a more stable political situation in the Island with key parliamentary election in progress, brokers said. The Colombo benchmark All Share Price Index closed 29.79 points higher at 7,492.04 up 0.40 percent. The S&P SL20 closed 17.64 points higher at 4,166.56 up 0.43 percent. Turnover was 1.17 billion rupees, down from 1.25 billion on Friday with 96 stocks closing positive against 69 negative. "The market was buoyant during the day, with much hype witnessed during the last hour of trading," Bartleets Religear Securities said. "Today was a shorter trading day due to the general election." The main index showed gains in Sri Lanka Telecom closing at 49.00 rupees, up 1.70 rupees and C.T Holdings closing at 142.30 rupees, up 10.30 rupees. Lion Brewery closed at 660.70 rupees, up 18.70 rupees. Top contributors to turnover were poultry sector stocks which collectively contributed 23 percent to overall turnover. Biraha Farms closing at 75.90 rupees, up 16.60 rupees and Grain Elevators closing at 181.90 rupees, up 3.20 rupeees. BRS said that retailers continued to rally around low valued counters for the day. "Foreigners were on the buying side today posting a net foreign inflow of 4.78 million rupees. Dialog Axiata closed at 11.90 rupees, up 0.20 rupees with over 1.10 million shares traded and John Keells Holdings closing at 192.20 rupees, up 0.20 rupees. In banking stocks, Commercial Bank closed flat at 174.90 rupees and DFCC closed at 198.50 rupees, up 0.90 rupees.