Monday, August 24, 2009

Sri Lanka shares up on foreign, speculative buying

By Shihar Aneez
COLOMBO, Aug 24 (Reuters) - Sri Lanka's shares closed firmer on Monday led by some foreign buying of blue chips and retail speculation on Environmental Resources GREG.CM, Lanka Cement LCEM.CM, and Asian Hotel Properties AHPL.CM.

The all-share index .CSE closed 0.3 percent or 7.54 points up at 2,530.46. It closed at a 14-month high on Tuesday.

Analysts said foreigners heavily bought John Keells Holdings JKH.CM and Commercial Bank of Ceylon COMB.CM.
"Except for fundamental stocks like John Keells, all others were speculative trading," said Nirodha Bohingamuwa, a research analyst at Bartleet Mallory Stockbrokers.

Market heavyweight John Keells Holdings rose 0.56 percent to 134.75 rupees, while shares in Commercial Bank of Ceylon closed 1.03 percent up at 147.25 rupees, bourse data showed.
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