Sri Lanka stocks at 1-week high



REUTERS

Published — Friday 12 July 2013

Last update 12 July 2013 2:15 am

| نسخة PDF Print News | A A

COLOMBO: Sri Lankan stock market hit a one-week high, led by market heavyweight John Keells Holdings after it said it plans to build a multi-million dollar luxury resort.
The main share index rose 0.77 percent, or 46.33 points, to 6062.38, the highest close since July 4.
Keells, Sri Lanka’s biggest conglomerate, said late on Wednesday it had submitted a plan to the government to build the luxury resort worth more than $650 million that would include hotels, shops and apartments.
Two hours after the trading started, Investment Promotion Minister Lakshman Yapa Abeywardena said Keells had been given approval for a $850 million deal to build the resort.
Shares in Keells ended 2.61 percent higher at 252 rupees.
“Keels deal gave a boost to the market. It’s a positive news that the market was awaiting and market is up on Keells in thin trade,” a stockbroker said.
Capital Alliance Research said in a note the Keells disclosure to the bourse lacks detail as it was not clear whether the deal has secured a casino license or joint venture partner and the structure of the deal.
“If the mixed development does not have a casino, the development is likely to be value destructive,” Capital Alliance said.
The index hit a near 10-week low on Tuesday due to concerns over rupee’s weakening trend and possible foreign outflows.
Foreign investors were net buyers of 6.95 million rupees ($ 53,100) worth of shares on Thursday and they have been net buyers of 15.75 billion rupees in stocks in 2013.
Turnover on Thursday was 241.8 million rupees, well below this year’s daily average of about 1 billion rupees.
Stockbrokers said concern over the further weakening of the rupee has dented investor sentiment, with many investors waiting for clear directions on the currency.
The Sri Lankan rupee spot ended flat at 130.60 per dollar at a near eight-month low, but currency dealers said spot-next eased on exporter dollar conversions.
Currency dealers said none of the banks were trading spot after the central bank, through state banks, guided the market to hold the rupee at 130.60 rupees.
The spot next which traded high of 131.10 during the day due to the importer dollar demand closed at 130.90/131.00 per dollar from Wednesday’s close of 131.00/10.

What's happening around Saudi Arabia

ABHA: Several Saudi businesswomen started traveling with a group of friends after recent regulations which allow women to travel without their mahram. These women said they find great fun to travel as a group with their friends and their children, wh...
RIYADH: The United Nations, Arab League and Gulf Cooperation Council welcomed the Kingdom-led coalition’s announcement of a five-day cease-fire, that took effect at midnight on Sunday, to push humanitarian relief in war-ravaged Yemen to the beleaguer...
ALKHOBAR: Jobless Saudi women constitute 70 percent of the unemployed. The Ministry of Economy and Planning said 58 percent of the jobless have preparatory school level education. According to the statistics, the annual unemployment growth rate among...
RIYADH: Saudi Arabia has found traces of a civilization that was domesticating horses about 9,000 years ago, 4,000 years earlier than previously thought. The discovery has shed new light on the origin of the Arabian horse, which has remained a great...
RIYADH: The Ministry of Labor in the Makkah region found 250 laborers working on various construction projects during restricted hours of the day. Punitive measures will be taken against the employers of these workers. According to a ministerial decr...
JEDDAH: When poverty is your guest for 15 years, gardens, parks, streets and pavements become your abode under the unavoidable scorching sun. One has to face hardships of hunger and survive on breadcrumbs. This is the situation of a 60-year-old Saudi...
JEDDAH: The negative attitudes of society in dealing with harassment and abuse cases prevent victims from reporting a great number of such cases to the authorities.Despite this, about 3,982 cases reached the country's criminal courts in 1435 and 1436...
AL-QATIF: The Omani security forces have arrested a man who, they said, accidentally fired a bullet that hit a young Saudi girl in a hotel in Musandam on Saturday. Four-year-old Zainab bint Mohammed Labad of Al-Awamiyah was playing in the hotel lobby...
Ramon Corvera, deputy chief of mission at the Argentinian Embassy in Riyadh.* Which particular aspect of Saudi Arabia you like the most? The natural beauty of the desert.* What is your favorite and oft-repeated Arabic word? Masha’Allah.* Which book i...
JEDDAH: The creativity and entrepreneurship community program of Umm Al-Qura University brought together 80 creative entrepreneurs to exchange their experiences and knowledge on Monday. Fawaz Saad, the dean of the institute for innovation and entrepr...
RIYADH: The August issue of ‘Nature’, the monthly magazine of King Abdulaziz City for Science and Technology (KACST), will focus on Middle East Respiratory Syndrome (MERS) corona, which has affected 1,055 people in the Kingdom since June 2012.The to...
LILLE, France: Saudi Arabia’s firm stand against the phenomenon of violence as well as religious, ethnic and cultural fanaticism came in for praise at an international symposium, which concluded here.The participants of the symposium on "Media Covera...
DAMMAM: Saudi Arabian Boy Scouts Association (SABSA) is participating in the 23rd World Scout Jamboree with the slogan “A Spirit of Unity,” which starts July 28 and runs until August 8 in Kirara-hama, Japan. A total of 32,000 scouts from 144 national...
JEDDAH: The Ministry of Labor was able to increase the number of Saudi women employees from 70,000 to 428,000 during the past four years, Abdul Munim Al-Shehri, assistant undersecretary for special programs, has said . The ministry is now working on...
JEDDAH: A court issued a 10-year prison sentence against a health employee in Al-Ahsa and fined him SR1 million for getting involved in forgery and fraud as well as embezzling public funds in contracts to import medical equipment for the Children and...

Stay Connected

Facebook