* Turnover, volume fall below last year's average
* Foreign investors continue to exit
* Rupee edges up on cenbank lowering trading band
COLOMBO, Feb 18 (Reuters) - Sri Lanka's stock market rose on Friday but turnover and trading volume were light as most investors were out of the market during a holiday-shortened week.
The island's main share index .CSE gained 0.85 percent or 64.70 points to 7,672.49. It hit a record closing high of 7,811.82 on Monday.
Markets were closed for national holidays on Wednesday and Thursday.
Foreign investors sold a net 75 million rupees of shares on Friday, extending the total net foreign outflow to 6.2 billion rupees in 2011, after selling a record net 26.4 billion in 2010.
The bourse has still been Asia's best performer with a 15.6 percent gain in 2011 after cinching the region's top spot with a 96 percent return last year.
Turnover was 2 billion rupees ($17.9 million), less than last year's average of 2.4 billion rupees and this year's daily average of 4 billion rupees.
Traded share volume was 46.5 million, against a five-day average of 85.3 million. The 30-day and 90-day average trading volumes were 160.8 million and 69.4 million respectively. Last year's daily average volume was 68.9 million.
The bourse is trading at a forward price-to-earnings (P/E) ratio of 16.5, one of the highest among emerging markets, compared with 12.3 in Asian markets and 11.9 in global emerging markets, Thomson Reuters StarMine data showed.
The rupee LKR= edged up to 110.92/110.93 a dollar from Tuesday's 110.99/111.01 as the central bank reduced its dollar trading band by 5 cents to 110.35/110.95, dealers said.
FACTORS TO WATCH:
- Further technical correction in the bourse
- Lending rate movement after the central bank kept policy rates steady [ID:nSGE71201O]
- The extent of rupee appreciation the central bank will allow to curb inflation from expensive imports
source - in.reuters.com
No comments:
Post a Comment