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Monday, August 23, 2010

Sri Lanka shares ends flat amid hoiday mood; rupee down

* Trading dampened ahead of holiday

* Selective buying seen in blue chips

* Rupee falls on importer dollar demand

COLOMBO, Aug 23 (Reuters) - Sri Lanka's benchmark share index .CSE closed flat on Monday, with traders and investors on leave ahead of a public holiday on Tuesday.

The main share index .CSE edged up 0.02 percent or 0.99 points to 5,563.99.

It touched an all-time high of 5,679.14 on Friday but analysts believe the bourse is overheated with local retail investors chasing speculative shares instead of fundamentally sound stocks.

The index, Asia's best performer with a gain of around 64.4 percent this year, has plunged nearly 10 percent in four sessions after the Securities and Exchange Commission (SEC) imposed a 10 percent price limit on Aug. 4. [ID:nSGE6730L1] [ID:nSGE6720EG].

Leading fixed-line telephone operator Sri Lanka Telecom SLTL.CM rose 2.25 percent to 40.90 rupees.

Turnover was 1.5 billion rupees ($13 million), over twice the 2009 daily average but below the daily average turnover of 2 billion so far this year. Foreign investors sold a net 31.9 million rupees' worth of shares on Monday and overall they have sold a net 11.6 billion rupees worth shares this year.

The rupee LKR= closed weaker at 112.50/56 per dollar due to importer demand for dollars, dealers said. ($1=112.53 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by David Cowell)

source - www.reuters.com