June 14, 2010 / 12:22 PM / 8 years ago

S.Lanka stocks at record on growth, earnings hopes

 * Colombo Stock Exchange index hits record 4,612.76 points
 * Closes 1.1 percent firmer at 4,612.76
 * John Keells up 1.9 percent, Dialog Telekom up 2.9 percent
 By Ranga Sirilal
 COLOMBO, June 14 (Reuters) - Sri Lankan shares hit a record
high on Monday as low interest rates and good company earnings
fuelled buying across the board, traders said.
 The Colombo Stock Exchange's All-Share Price Index .CSE
hit an all-time high of 4,612.76 points, surpassing its previous
peak of 4,581.80 hit on Friday. It closed 51.43 points or 1.1
percent firmer at 4,612.76.
 The index is up 36.3 percent so far in 2010, making it
Asia's best performer.
 Turnover was 1.7 billion rupees ($15 million), well above
last year's daily average of 593.6 million.
 "Buying across the board moved the market," said Hussain
Gani, associate director at Asia Securities in Colombo, adding
the market warranted a consolidation sooner rather than later
before its next advance.
 Shares in conglomerate John Keells Holdings JKH.CM rose
1.9 percent to 204 rupees while mobile phone operator Dialog
Telekom DIAL.CM jumped 2.9 percent to 9 rupees.
 Ceylon Tobacco CTC.CM rose 3.3 percent to 310 rupees.
 Heavy retail buying has helped drive the bourse's
price-to-earnings ratio to 22.57, bourse data showed, compared
with about 11 a year ago, when Sri Lanka ended a 25-year war.
 Foreign investors sold a net 1.77 million rupees worth of
shares on Monday, data showed. They have sold a net 14.3 billion
rupees worth of shares this year.
 The central bank on Monday said it will re-issue $275
million worth of development bonds to pay debts raised to fund a
raft of infrastructure projects. [ID:nSGE65D04L]
 The rupee LKR= closed a little weaker at 113.55/113.58 a
dollar from Friday's 113.50/113.54, in sluggish trade, dealers
 (Editing by David Holmes)
 ($1=113.565 Sri Lanka Rupee)

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