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

RIYADH: The Ministry of Education (MoE) has allocated over 180 clinics for schools in Riyadh and directed all its departments across the Kingdom to recruit health advisers at schools with more than 100 students.Work has already started on introducing...
RIYADH: The Moroccan experience in desert tourism is largely similar to that of Saudi Arabia, which boasts of a unique diversity in culture in its different regions, Prince Sultan bin Salman, president of the Saudi Commission for Tourism and National...
JAZAN: Deputy Crown Prince Mohammed bin Salman visited the advanced field hospital of the Armed Forces in Jazan on Tuesday.He was reassured about the injured in the ongoing battle. He conveyed the greetings of Custodian of the Two Holy Mosques King S...
JEDDAH: The planned “North Thunder” military exercise is a clear message to Iran and the countries in the region it supports that any hostile intentions and actions will be firmly dealt with, an expert has said.The military drill is scheduled to be h...
RIYADH: Syrian conjoined twins will be separated at the King Abdullah Specialist Children’s Hospital at the King Abdul Aziz Medical City (KAMC) in Riyadh on Sunday.According to a KAMC spokesman, the forthcoming surgery will be the fourth and final st...
JEDDAH: Education Minister Ahmed Al-Issa has issued an order to establish a department for school security. It will be be linked organizationally to the general supervisor of school safety and security at the ministry.According to the decision, schoo...
JEDDAH: From delivering mails for Saudi Aramco to captaining Saudi Arabian Airlines’ first flight to New York, Jazza Al-Shammari’s career story is unique.“I started my career as a postman with Saudi Aramco in 1959 and continued the primary studies at...
RIYADH: A team of the King Faisal Specialist Hospital & Research Center (KFSHRC) has identified a gene responsible for cardiomyopathy.Dr. Zuhair bin Nasser Al-Hasnan, KFSHRC medical genetics consultant, said the team conducted a study on a Saudi...
JEDDAH: The Pakistan Welfare Society (PWS) organized a free medical camp and discussion on health for women at the Pakistani Consulate recently.Doctors and specialists diagnosed patients and distributed free medicines to needy patients, and arranged...
JEDDAH: Yemen Vice President and Prime Minister Khaled Bahah has thanked Saudi Arabia for standing by his country during tough times.Speaking at the World Government Summit in Dubai on Tuesday, he said: “Our GCC brothers, particularly Saudi Arabia, s...
RIYADH: Saudi Arabia joined the rest of the world in intensifying public awareness on cancer with activities spread over the week supporting the global cause that aims to save millions of lives every year by raising awareness and education about the...
RIYADH: Chairman of ACWA Power International Mohammed Abu Nayyan thanked King Mohammed VI of Morocco for personally inaugurating Morocco’s first solar power plant, Noor1, built by an international consortium led by his company.“We were extremely priv...
RIYADH: The Ministry of Health is considering imposing an asset declaration as well as an absence of interest conflict testimony on its employees as a measure in fighting corruption.Health Minister Khalid Al-Falih made the announcement at a one-day f...
DAMMAM: Abdussalam Kanniyan, chairman of the International Indian School in Dammam (IISD), has been honored with the “Person of the Year 2015” award by Vatakara NRI Forum, a community group in the Eastern Province.The award was based on his outstandi...
RIYADH: Andrej Plenkovic, the leader of the European Parliament Foreign Affairs Committee delegation, on Tuesday hailed Saudi Arabia for its yeoman services in looking after the displaced Syrians in countries such as Lebanon, Jordan and Turkey.“We fu...

Stay Connected

Facebook