Sri Lankan Shares at 28-Month High

08th September 2009, www.lankabusinessonline.com

Sri Lankan shares hit a 28-month high by mid-day trade Tuesday as retail investors bet heavily on the hotel sector and selected blue chips, brokers said.

By mid-trade the benchmark Colombo All Share Price Index (ASPI) was up 1.02 percent (27.34 points) to close at 2,701.89 while the Milanka index of liquid stocks gained 0.83 percent (25.02 points) to close at 3,048.79.

Turnover was 446.1 million rupees.

The ASPI last went pass the 2,700 point mark on 09, May 2007, Thushara Jayaratne of the Colombo Stock Exchange, said.

Retail investors have been betting on the hotel sector in the past few weeks, brokers said.

John Keells Hotels, a unit of the index heavy John Keells Holdings (JKH) conglomerate, traded at 18.25 rupees, up 1.25 on 737,400 shares traded, while Serendib Hotels was at 70.00 rupees, up 2.00.

Tangerine Beach Hotels was at 77.00 rupees, up 3.25, while The Light House Hotel was at 75.00 rupees, up 5.00 on 13,300 shares changing hands.

Stafford Hotels was at 28.25 rupees, up 1.25, while Riverina Hotels went to 69.00 rupees, up 1.00 on 30,700 shares traded.

Nuwara Eliya Hotels was at 400.00 rupees, up 22.00 on razor thin volumes.

JKH was at 139.00 rupees, up 2.50, while Sampath Bank was at 156.25 rupees, up 6.25 by mid trade.