Sri Lankan stocks ended higher on Friday in low volume trade as investors stayed away, eagerly waiting to see if their bids for shares in the biggest IPO since 2002 were accepted, brokers said. The key Colombo all-share index gained a provisional 0.53 percent, or 7.81 points, to 1,487.85 points. The bourse has gained over 40 percent so far this year on upbeat corporate earnings and a strong leisure sector.
The Milanka index which tracks the most liquid and highly capitalised stocks ended up 0.8 percent, or 16.87 points, at 2,119.72 points.
The Sri Lankan unit of Indian Oil Corp raised 3.6 billion rupees ($34 million) on Monday in the island's biggest IPO in two years.
Lanka IOC issued 133.33 million shares at 27 rupees a share and the issue was heavily oversubscribed. "People are more interested in the allotment of shares after the Indian oil IPO, which is due on Tuesday," said Prisoner Chandrasekara of John Keells stockbroker's.
Lanka IOC will become the fourth-biggest stock on the Colombo bourse when it starts trading in December.
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