Colombo stocks gain ahead of budget
2008-11-03 17:01:38

Colombo stocks gained all-round on Monday except for John Keells Holdings (JKH) which fell marginally on the ever of its share repurchase issue, brokers said.

The All Share Index gained by 51.38 points to close at 1,872.91 while the Milanka rose by 55.15 points to 2,086.72. Turnover was Rs 177.3 million.

The gains came ahead of the 2009 budget to be presented in Parliament on Thursday by President Mahinda Rajapaksa.

JKH eased by 50 cents to Rs 64 for a total of 1.4 million shares. On Monday, the company repeated an earlier announcement that the repurchase offer would open from tomorrow (November 4) till November 18 at Rs 90 per share.The maximum number of shares to be repurchased is 25.5 million on a 1-for-25 pro rata, basis.

Among other stocks, CIC traded Rs 1.25 higher at Rs 37.25, Commercial Bank was up Rs 6 to Rs 64, Distilleries was trading at Rs 4.75 higher to Rs 57 and HNB went for Rs 3 more at Rs 88. Sampath Bank gained marginally by 50 cents to Rs 64 following last week’s decision by shareholders to reject a rights issue offer.