Shares gain on Ashok split rumour

7:12 PM // 0 comments // Lonely // Category: News Sri Lanka’s stock market closed firmer on Wednesday in trading, after illiquid Lanka Ashok Leyland jumped nearly 42 percent to a record high on share-split speculation, but gains were capped by losses in telecoms and diversified shares.


Lanka Ashok Leyland, a large-cap vehicle marketer, leapt 41.9 percent to a record Rs. 6,500 per share based on the split rumour, which pushed the motor sector up 15.6 percent to an all-time high.

But 1.9 percent fall in leading mobile operator Dialog Axiata and a 1.2 percent loss in market heavyweight John Keells Holdings kept the overall index in check.

The island’s main share index closed 0.20 percent or 14.61 points firmer at 7,363.78. It hit a record closing high of 7,811.82 on Feb 14.

Turnover was 1.32 billion Sri Lanka rupees ($12 million), well below last year’s average of 2.4 billion and less than this year’s daily average of 3 billion.

Traded volume was 37.1 million, lowest since April 11, against a five-day average of 47.5 million. The 30-day and 90-day average trading volumes were 53.9 million and 63.7 million, respectively. Last year’s daily average volume was 67.9 million.

The bourse is still Asia’s best performer in 2011 with a 11 percent gain, after bringing in the region’s top return of 96 percent last year.

The rupee edged up to 110.16/18 a dollar from Tuesday’s close of 110.18/20 on exporter dollar conversions in low volumes, dealers said. The central bank expects further rupee appreciation this year. (Reuters)

source - www.dailymirror.lk