Sri Lanka stocks close higher after parliamentary polls

Aug 18, 2015 (LBO) - Sri Lankan stocks closed up 0.09 percent on Tuesday a day after parliamentary elections in the island positioned the United National Party to usurp its rivals. The Colombo benchmark All Share Price Index closed 6.66 points higher at 7,498.70 points. The S&P SL20 closed 4.10 points lower at 4,162.32, down 0.1 percent. Turnover was 1.6 billion rupees, up 1.2 billion rupees, on Monday with 81 stocks closing positive against 70 negative. "The market felt that a UNP government was coming into power and there was foreign interest during the last few days. There is a bullish nature," Yohan Samarakkody, the head of research at SC Securities, said. But Samarakkody believes the market is fairly valued. "With the new government being formed there should be a bull run, but there should also be a correction," he said. The main index showed gains in Cargills Ceylon, closing at 175.20 rupees, up 11.20 rupees, and Ceylon Cold Stores, closing at 419.80 rupees, up 9.80 rupees. Banking and diversified counters were active. Commercial Bank closed at 174.70 rupees, down 0.20 rupees and DFCC Bank closed at 198.70 rupees, up 0.20 ruppes. Shares in Three Acre Farms were up 15.10 ruppes and closed at 123.90 rupees and Grain Elevators closed at 82.00 rupees, up 6.10 rupees, with over 1.3 million shares traded. The colombo market is up 2.7 percent so far this year.