Sri Lankan stocks ended higher on Wednesday, boosted by retail and foreign investor buying into select bullwhips, brokers said. The key Colombo all-share index gained a provisional 0.6 percent, or 9.44 points, to 1,571.49 points. The bourse has gained more than 4.0 percent so far this year after ending 2004 on a negative note as investors sold hotel sector shares in the aftermath of the December 26 tsunami, which destroyed resorts and killed over 30,000 people.
The Milanka index that tracks the most liquid and highly capitalised stocks rose a provisional 1.22 percent or 26.19 points to 2,176.99 points. "There was a healthy mix of retail and foreign buying.
I think investors are looking at everything in a positive angle after the tsunami so that is good," said Hussain Gain, Assistant Manager of John Keells stockbroker's Ltd. There was retail and foreign buying into the local unit of Indian Oil Corp, Lanka IOC and the share ended up 1.03 percent at 49.00 rupees.
A strong debut by Lanka IOC on December 22 propelled the Colombo bourse to a record close and the share opened at double its issue price on the first day of trading. Distilleries Company of Sri Lanka Ltd climbed 1.72 percent to 29.50 rupees a share on retail buying. Sri Lanka Telecom Ltd the Indian Ocean Island's largest fixed line operator gained 3.17 percent, to 16.25 rupees a share.
Market turnover was 254.2 million rupees with foreign buying of 55.0 million rupees and foreign selling worth 21.0 million rupees.
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