Wednesday, October 3, 2012

Profit taking drags Bourse, rupee weakens

Reuters: Stocks ended weaker on Tuesday for a second straight session as investors booked profits from an overbought market, while the rupee slipped from a more than four-month high.

 The Colombo Stock Exchange’s main index dropped 0.6% or 35.76 points to close at 5,928.53.

The exchange has been overbought since 28 August, Thomson Reuters data shows. The 14-day Relative Strength Index on Monday was at 79.582, above the upper neutral range of 70.

 Turnover on Tuesday was Rs. 747.9 million ($ 5.79 million), less than this year’s daily average of Rs. 953 million.

 The Bourse saw a net foreign inflow of Rs. 24.5 million, extending the net foreign inflow so far this year to Rs. 31.62 billion.

 The rupee closed slightly weaker at 129.29/35 to the dollar compared with Monday’s close of 129.10/15, on importer dollar demand, dealers said.

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