Colombo bourse rides high on plantations

Plantation stocks saved the day at the Colombo bourse on Thursday with the indexes closing higher on heavy trades in plantation shares.

Brokers said prices rose for plantations companies widely believed due to the high potential in plantation firms. Today’s strike did not have any significance in the market. . “The strike which was of no significance to the market,” Srimal Liyanage, Head of Research at Lanka Securities said. The top gainer was Malwatte Valley Plantations which increased by Rs.7.50 to Rs.58.
Kotagala Plantations saw a Rs.6 hike to end at Rs.55. Brokers said that Balangoda hit a high price of Rs.32 in a Rs.4 increase. “Most these plantations are heavily into rubber and the rubber prices are high presently,” Liyanage said.
He also said that despite the cyclical nature of industry the plantations always have the potential. The All Share (ASPI) saw an upward gain of 23.99 points to close at 2405.60 while Milanka rose by 38.41 points to 2895.74 with total turnover at Rs. 137 million.