Sri Lankan shares hit 5-week closing high in thin trade

COLOMBO, Apr 17 (Reuters): Sri Lankan shares hit a five-week closing high in thin trade on Tuesday, rising for a fifth straight session, as many market participants stayed away due to extended holidays after the Sinhala-Tamil New Year festival over the weekend, brokers said.

The Colombo stock index ended 0.74 per cent higher at 6,544.25, its highest close since March 13. The index gained 0.44 per cent last week.

Shares of Distilleries Company of Sri Lanka Plc rose 10.2 per cent, while Melstacorp Ltd ended 1 per cent higher. Ceylinco Insurance Plc rose 5.2 per cent, while fixed line telephone operator Sri Lanka Telecom Plc closed 2.2 per cent firmer.

Turnover stood at 315.4 million rupees ($2.02 million), less than this year's daily average of 1.13 billion rupees.

"Market is up on low volumes. Lack of investors in the market resulted in the low volumes, most investors are on holidays and not active still," said Dimantha Mathew, head of research, First Capital Holdings.

The market was waiting for some political stability after President Maithripala Sirisena suspended parliament until May 8, brokers said.