* Banks, telcos help bourse to recover from 1-wk lows
* Foreign investors exit for fourth straight day
* Rupee down on importer demand
COLOMBO, May 25 (Reuters) - Sri Lanka's stock market rose on Wednesday from its one-week closing low, led by bank and telecom shares with strong turnover and volume, while the rupee currency edged down on import dollar demand.
Sri Lanka's main share index closed 0.2 percent or 14.72 points firmer at 7,446.69, snapping a three straight losses.
Central Finance , a leasing firm which on Tuesday posted a 63.2 percent rise in its group net profit for the year ended on March 31, gained 5.5 percent.
Top private lender Commercial Bank of Ceylon rose 1.6 percent, a day after it announced plans to raise 9.7 billion rupees ($88.2 million) through a rights issue to fund future expansion and share split.[ID:nL3E7GO2ND]
The day's turnover hit a three-week high of 3.91 billion Sri Lanka rupees ($35.5 million), more than last year's average of 2.4 billion and this year's daily average of 2.82 billion.
Foreign investors were net sellers for 28.3 million rupees' worth of shares on Wednesday. They have sold a net 6.3 billion rupees worth shares in 2011 after a record 26.4 billion in 2010.
Traded volume was 220.1 million, its highest since Jan. 16, against a five-day average of 149.9 million. The 30-day and 90-day average trading volumes were 73.3 million and 99.4 million respectively. Last year's daily average was 67.9 million.
The bourse is still Asia's best performer in 2011 with a 12.2 percent gain, after bringing in the region's top return of 96 percent last year.
The rupee narrowly shaved to close at 109.97/110.00 a dollar from Tuesday's 109.95/110.00 on importer dollar demand, dealers said.
FACTORS TO WATCH:
- If foreign investors buy shares in large volumes
- If Sri Lanka can achieve an 8.5 pct growth target amid rising global oil prices and inflation
- March quarter corporate results
source - www.reuters.com
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