Friday Nov 15, 2024
Friday Nov 15, 2024
Friday, 5 August 2011 01:02 - - {{hitsCtrl.values.hits}}
Reuters: Sri Lanka’s bourse ended sideways on Thursday with thin retail trading driving it nominally lower, while the rupee weakened on importer dollar demand, traders said.
The main share index edged down 0.04 per cent or 2.81 points weaker to 6,809.78, its third fall after hitting a three-week high on Monday due to hopes of better earnings and a relaxation of a margin-trading ban.
“The market came down mostly on retail selling,” said a stock broker on condition of anonymity. Analysts said that the global market downturn which struck after the United States passed a plan to cut spending and trim debt this week may not directly hit the usually-insulated CSE, but could affect local corporate earnings and economic growth.
Bourse...
The day’s turnover was Rs. 1.16 billion ($10.6 million), lowest since 21 July and well below last year’s average of 2.4 billion and this year’s 2.7 billion.
Thursday’s total volume was 69.5 million, lowest since 28 July, against five-day average of 93.3 million. The 30-day and 90-day average trading volumes were 85.3 million and 108 million, respectively. Last year’s daily average was 67.9 million.
Foreign investors were net sellers of Rs. 96.1 million worth of shares on Thursday, extending the outflow to 1.1 billion in eight sessions. They have sold Rs. 8.72 billion in 2011 after a record outflow of 26.4 billion in 2010.
The bourse is up 2.62 per cent so far this year, after being Asia’s best performer in 2009 and 2010, gaining 124 per cent and 96 per cent respectively due to optimism over the economy after the end of a 25-year war in May 2009.
The rupee ended weaker at 109.66/68 a dollar from Wednesday’s close of 109.64/66 as exporter dollar conversions partially offset heavy importer dollar demand, dealers said.
