Sri Lanka stocks close up 0.6-pct

Aug 29, 2014 (LBO) - Sri Lanka's stocks close 0.61 percent higher on Friday with beverage stocks gaining despite low foreign participation, brokers said.

The Colombo benchmark All Share Price Index closed 42.33 points higher at 7,034.09, up 0.61 percent. The S&P SL20 closed 26.64 points higher at 3,872.51, up 0.69 percent.

Turnover was 1.14 billion rupees, up from 888.75 million rupees a day earlier with 118 stocks closed positive against 79 negative.

Commercial Bank of Ceylon closed 1.90 rupees higher at 148.00 rupees with three off-market transactions of 102.00 million rupees changing hands at 148.00 rupees per share contributing 9 percent of the daily turnover.

Sanasa Development Bank closed 10.70 rupees higher at 103.50 rupees, attracting most number of trades during the day.

Foreign investors bought 165.47 million rupees worth shares while selling 64.13 million rupees worth shares.

Ceylon Tobacco Company closed 16.20 rupees higher at 1,197.20 rupees and Nestle Lanka closed 48.00 rupees higher at 2,148.00 rupees, contributing most to the index gain.

Lion Brewery Ceylon closed 26.70 rupees higher at 632.30 rupees.

MTD Walkers enters property development with Rs. 2 b investment

MTD Walkers Plc is foraying into property development business with an acquisition worth Rs. 2.1 billion.

The company said its Board has approved the purchase of 100% equity in Wincon Development Ceylon Ltd. for Rs. 2.174 billion at Rs. 4.01 per share.

Wincon Development is venture by a Malaysian investor and at present is engaged in a public housing scheme in Galle.

MTD Walkers specialises in construction and engineering and the acquisition signals it foray into real estate and property development given its belief of future upside.
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