* Active retail trading; foreign investors net sellers
* Rupee flat at over 2-yr high
COLOMBO, Jan 14 (Reuters) - Sri Lanka's bourse rose on Friday for a 12th straight day on heavy retail buying, hitting its highest level for more than three months, while the rupee closed flat in sluggish trade due to a shortened session.
The island's main share index .CSE closed 0.15 percent or 10.72 points firmer at 7,032.60, its highest close since Oct. 4. It has gained 6.3 percent in the last 11 sessions.
It has been Asia's best performer with 5.98 percent gain so far in 2011 after being the top performer last year with a 96 percent return.
Foreign investors were net sellers of 18.6 million rupees on Friday and they have sold a net 1.8 billion rupees' worth shares so far this year after selling a net 26.4 billion rupees in 2010.
Turnover was 1.7 billion rupees ($15.4 million) as the share and money markets closed early for a holiday being celebrated on Saturday. Last year's daily average was 2.4 billion.
The bourse is trading at a forward price-to-earnings (P/E) ratio of 17.8, the highest among emerging markets, compared with 13.2 in Asian markets and 12.3 in global emerging markets, Thomson Reuters StarMine data showed. Its 14-day relative strength index is at 81.5, beyond the overbought limit of 70.
The traded share volume in the half-day was 128.1 million against five-day and 30-day average of 121.9 million and 65.2 million respectively. The 90-day average volume is 68.8 million. Last year's daily average volume was 69.2 million.
Sri Lanka's rupee LKR= closed flat at 110.76/79 a dollar in thin trade, currency dealers said.
FACTORS TO WATCH:
- Whether a technical correction will bring the bourse down sharply
- If foreign funds buy shares in large volumes
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