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Colombo stocks firm amidst speculation of Maskeliya takeover
2008-10-03 17:36:35

Colombo stocks were driven by speculation of a takeover bid on Maskeliya Plantations Ltd (MPL), a subsidiary of the Richard Pieris Group, on Friday but company officials rejected the reports. MPL was up by Rs 4 to Rs 30.

There were 548,900 MPL shares traded contributing to the second highest turnover with Distilleries as the top contributor. “There was a 482,400 share crossing at DCSL at Rs 71 per share which was bought by a foreign party,” a stock analyst said.

Blue chips such as Commercial Bank, Distilleries and Lanka IOC led the rise in the bourse indices. Commercial Bank was up by 25 cents to Rs 104.25, Distilleries was up Rs 1 to Rs 71 and Lanka IOC saw a 75 cents increase to Rs 24.75 at stock market close. The All Share Index increased by 6.92 points to 2,155.53 while the Milanka increased by 9.37 points to 2,419.91 at market close while the turnover was at Rs.110 million.
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