Hotel shares push Sri Lanka bourse up
COLOMBO, (Reuters) - Sri Lanka’s shares rose on Friday led by hotel
shares on the anticipation of a post-war tourism expansion, while the
rupee closed weaker on importer demand for dollars.
The All-Share Price Index. CSE of the Colombo Stock Exchange closed
0.28 percent or 11.04 points firmer at 3,966.87. It hit an all-time high
of 3,981.67 points on Monday.
The hotel sector index. CSEHT hit a record high led by a 6.57 percent
gain in John Keels Hotels KHL.CM.
Analysts said this week’s New Years’ holiday had kept most investors
away from the market, and they anticipated a rise next week once
investors return.
Politics should also settle down next week.
Two electorates where results were thrown out because of violence at
the April 8 parliamentary elections will vote again on Tuesday, and the
new Parliament is expected to sit for the first time on Thursday.
Trading in the currency and share markets were lacklustre as most
companies have not reopened since the holidays on Tuesday and Wednesday.
The day’s turnover was Rs. 1.1 billion ($9.6 million), below the 2010
average daily volume of more than Rs. 1.5 billion.
The bourse is still up 17.2 percent so far this year, making it
Asia’s best-performing market.The rupee closed weaker around 114.00 a
dollar from Thursday’s close of 113.88/93 due to importer demand and a
state bank, through which the central bank directs the market, raising
its dollar trading band by 5 cents to 113.60/114.00, currency dealers
said. |