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12 July, 2013 08:22 AM Source: Reuters
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Sri Lankan stock market hit a one-week high on Thursday, 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 on Thursday, 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 on condition of anonymity.

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. More...

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