Bourse dips, rupee eases

Tuesday, 26 March 2013 00:14 - - {{hitsCtrl.values.hits}}

Reuters: Stocks slipped from a one-month high on Monday despite foreign inflows, snapping a seven-session gaining streak, as investors looked for direction.

The main index fell 0.4%, or 23.33 points, to 5,745.55, from its highest close since 18 February.

Turnover was Rs. 353.4 million, the lowest since 18 March and well below this year’s daily average of Rs. 1 billion.

Foreign investors were net buyers of Rs. 101.6 million worth of shares, extending the year-to-date net foreign inflow to Rs. 4.54 billion ($ 35.79 million) worth of shares.

“Trading was very dull and there was no buying support at all,” said a stockbroker on condition of anonymity.

Stockbrokers said the market was concerned over a new resolution in which the United Nations urged Sri Lanka to carry out credible investigations into killings and disappearances during its nearly 30-year civil war.

Yields in T-bills rose for the fourth straight week at Monday’s auction even though the Central Bank had kept its key policy rates unchanged for a third month in a row.

The rupee edged down to 126.73/75 to the dollar, sliding from Friday’s close of 126.70/75, on slight importer demand for dollars, dealers said.