* Stx at 1-wk high; bargain-hunting boosts
* Foreign investors buy for 3rd straight session
* Rupee flat; Cenbank narrows upper dlr trading band
COLOMBO, May 5 (Reuters) - Sri Lankan shares bounced back on Thursday from a five-week low on retail bargain hunting, but fears over rising inflation and interest rates trimmed share and turnover volumes.
Sri Lanka's main share index rose 1.44 percent or 103.84 points to 7,317.17, to its highest close since April 29 led by 6.2 percent gain in top fixed-line phone operator Sri Lanka Telecom and diversified conglomerate Carsons Cumberbatch .
Foreign investors were net buyers for the third straight session, picking up 8.6 million rupees' worth of shares. But they have sold a net 5.79 billion in 2011, and a record 26.4 billion in 2010.
Turnover was 1.63 billion Sri Lanka rupees ($14.5 million), well below last year's average of 2.4 billion rupees and this year's daily average of 2.89 billion rupees.
Traded volume was 46.7 million, against a five-day average of 49.2 million. The 30-day and 90-day average trading volumes were 55.2 million and 63.1 million, respectively. Last year's daily average volume was 67.9 million.
The bourse is still Asia's best performer in 2011 with an 10.3 percent gain, after bringing in the region's top gain, 96 percent, last year.
The rupee closed flat at 109.72/76 a dollar amid the central bank narrowing the upper dollar trading band by 10 cents to 109.50/80 from 109.50/109.90, dealers said. [ID:nL3E7FK12Y]
FACTORS TO WATCH:
- The extent of the rupee rise the central bank will allow
- 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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