Sri Lanka stocks at 5-week high; NDB deal boosts turnover

COLOMBO, March 27 Thu Mar 27, 2014 7:47am EDT

COLOMBO, March 27 (Reuters) - Sri Lankan stocks rose on Thursday to their highest in more than five weeks led by telcos and diversified shares, with an inter-company deal in National Development Bank shares boosting turnover to a six-week high, ahead of a U.N. resolution on the country's human rights record.

The United Nation's human rights chief on Wednesday pressed for an international inquiry into alleged Sri Lankan war crimes, on the eve of a resolution critical of the island nation.

Concerns that the resolution could hurt the country's economy has dented investor sentiment, analysts said. Several potential buyers of risky assets are awaiting a clear direction.

The main stock index ended 0.7 percent, or 41.65 points, firmer at 5,992.62, its highest since Feb. 18.

"Everybody knows the resolution will be passed. But the market and investors want to know what will happen afterwards," a stockbroker said on condition of anonymity.

Turnover was 1.68 billion rupees ($12.85 million), the highest since Feb. 11, helped by 1.25 billion rupees from an inter-company deal in National Development Bank, which ended 0.5 percent up at 180.90 rupees.

Three stockbrokers said the deal was done by two companies within Softlogic Holdings PLC. Officials from Softlogic Holdings were not available for comment.

Top contributors to the day's gain were Sri Lanka Telecom PLC, which rose 5.16 percent to 46.9 rupees, and conglomerate John Keells Holdings PLC , which gained 2.20 percent to 222.80 rupees.

The Sri Lankan bourse saw a net foreign inflow of 40 million rupees worth of shares, but foreign investors have also been net sellers of 4.13 billion rupees worth of shares so far this year.

It had recorded a 22.88-billion-rupee inflow in 2013. ($1 = 130.7000 Sri Lanka rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sunil Nair)

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Comments (1)
Thineshraja wrote:
In accepting the terrorists of Sri Lanka as freedom fighters USA and its allies were assenting their activities of terrorism. Thereby, USA and its allies became supporters of terrorism in Sri Lanka. They aided and abetted terrorists giving them moral support.

A USA Ambassador to Sri Lanka during terrorism – Robert O’Blake, had a close relationship with the terrorists and insisted that the Government of Sri Lanka should find a political solution to end terrorism and not resort to a military solution. Foreign Secretaries of France and UK met the President during the last phase of military operations against terrorism, to demand a cease fire.

But thanks to the Government of the President Mahinda Rajapakse and the Armed Forces relentless offensive against terrorists Sri Lanka was at last able to end the thirty years of suffering of the people.

The end of terrorism was a relief to the people of Sri Lanka, but it awakened USA to take revenge from the Government of Sri Lanka which refused a political solution, and resorted to a military solution to eliminate their “freedom fighters”

Through whatever pretext – violation of human rights, need for an International Independent Investigation etc., USA and its allies are still playing a supportive role to Sri Lanka terrorists, condemning the Sri Lanka Government and its Armed Forces- the victims of the terrorism. In doing so USA and its allies become equally responsible for the death, murders and massacres perpetrated by the terrorists.

In to this category falls the UK Channel 4 which prepares faked films and documents implicating the Armed Forces of Sri Lanka for torture and war crimes again in the same supporting role of the terrorists of Sri Lanka. It makes UK Channel 4 legally responsible for the terrorism in Sri Lanka.

Mar 27, 2014 9:37am EDT  --  Report as abuse
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