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Sri Lankan shares rose on Friday as investors snapped up bluechip companies, helping the main index recover. The Colombo Stock Exchange's main index closed 1.4 percent or 68.19 points firmer to end at 4,991.21, its highest since May 25. "The market has fallen too much and now it is trying to correct itself," said a stockbroker asking not to be named.
After the market closed on Friday, the International Monetary Fund said it is satisfied over Sri Lanka's recent policy measures, while revising down the country's 2012 growth projection to 6.75 percent from an earlier 7.5 percent. The market fell 10.8 percent in May due to economic and political worries. It has recovered 3.3 percent so far in June.
Market heavyweight and the top conglomerate John Keells Holdings gained 1.24 percent to 188.30 rupees. The day's turnover was 758.4 million Sri Lanka rupees ($5.74 million), the highest since May 23, but less than the daily average of 941.4 million rupees this year. The rupee edged up to 131.70/80 against the dollar from Thursday's close of 132.00/132.10 on exporter dollar conversions, dears said. It hit an all time low of 133.60 on Tuesday on importer dollar demand.

Copyright Reuters, 2012

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