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Sri Lankan stocks rose to a new life high on Monday as retail investors bought small stocks, despite poor institutional interest in blue chips, brokers said.
The key Colombo all-share index ended up 0.49 percent, or 7.06 points, at 1,461.42 from Friday's close of 1,454.36.
But the Milanka index, which tracks the most highly capitalised and liquid stocks, closed down 0.21 percent, or 4.52 points, at 2,187.87, as institutional investors kept away.
Total turnover was at 485.8 million rupees, with foreign selling of 21 million rupees and foreign purchases of 34 million rupees, the bulk of which was on Sri Lanka Telecom Ltd.
The stock ended flat at 20 rupees.
"Retailers are willing to take risks with small stocks but we see that institutional investors are still being careful," said one broker.
He said that institutional investors were concerned about the broader macroeconomic situation and its impact on companies.
The central bank has signalled a possible interest rate rise this month, saying it saw a rising trend in inflation.
Colombo Pharmacy Company Ltd rose 47.93 percent to 250 rupees while Lankem Developments Ltd rose 68 percent to 21 rupees.
Brokers said the companies had stakes in each other, and buying was driven by a rise in related firm, Colombo Fort Land and Building Co Ltd, which posted strong first-quarter earnings last week. Colombo Fort ended up 6.09 percent at 30.50 rupees.

Copyright Reuters, 2004

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