Sri Lanka's stock market shot up over 1 percent on Friday recovering from lowest in 2011 in thin volume and turnover on strong speculation that the regulators Director general had resigned which the head of SEC denied. The island nation's main share index rose 1.19 percent or 74.94 points firmer at 6,356.94, from its lowest since November 29, 2010.
The Securities and Exchange Commission (SEC) chief denied speculation Director General Malik Cader had resigned or was forced out. The bourse has fallen 7.4 percent this month through Thursday. It is Asia's fifth-best performer with a year-to-date loss of 4.20 percent after being on the top for most of 2011.
The bourse witnessed a net foreign outflow of 5.8 million rupees on Friday and thus far in 2011, offshore investors have sold 17.1 billion, and sold a record 26.4 billion in 2010. Brokers said retail-driven speculation in shares like Colombo Land and Development Co PLC, Hva Foods and E-Channeling PLC moved the market. Colombo Land closed 12.45 percent firmer at 59.40 rupees, Hva Foods closed 14.96 percent firmer at 41.50 rupees and E-Channeling rose 11.84 percent.
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