Stock market at 15-wk low on retail selling

Friday, 14 October 2011 04:09 - - {{hitsCtrl.values.hits}}

COLOMBO (Reuters): Sri Lanka's stock market fell to a 15-week low on Thursday in thin volumes on retail selling while most investors stayed on the sidelines due to liquidity concerns, but foreign investors continued buying heavyweight John Keells Holdings .

The island nation's main share index closed 0.28 percent or 18.24 points down at 6,585.99, lowest since June 27. It is Asia's third-best performer with a year-to-date loss of 0.75 percent after being on the top for most of 2011.

Foreign investors bought over 414,000 shares in conglomerate and institutional favourite Keells, bringing the total foreign buying over the last three sessions to 3.5 million shares, bourse data showed. Keells gained 0.5 percent on Thursday.

Analysts and traders said a London-based fund has been buying into the conglomerate since Friday.

The bourse witnessed a net foreign inflow of 66.1 million rupees on Thursday, extending the total inflow to 650.1 million in the last four sessions. But thus far in 2011, offshore investors have sold 16.7 billion after offloading a record 26.4 billion in 2010.

Losers outperformed gainers by 138 to 67 on Thursday, Thomson Reuters data showed.

Turnover was at 1.2 billion rupees ($10.9 million), less than last year's average of 2.4 billion and this year's 2.6 billion.

Thursday's total volume was 51.2 million, lowest since Sept.23, against a five-day average of 71.7 million. The 30-day and 90-day average trading volumes were 148.7 million and 138 million. Last year's daily average was 67.9 million.

The rupee closed steady at 110.18/20 a dollar for a 10th straight day, as a state bank continued dollar sales at 110.20 rupees in spite of importer demand, dealers said.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.