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Tue Feb 21, 2012 5:09pm IST
* Bourse edges up on retail trade, but concerns remain
* Foreign investors net buyers of 75.1 mln rupees
* Rupee weaker despite stock-related inflows
COLOMBO, Feb 21 (Reuters) - Sri Lanka's stock market edged up on Tuesday in moderate trade as investors snapped up battered shares, while the rupee weakened despite stock-related dollar inflows.
The main share index rose 0.86 percent in early trade, but closed 0.44 percent or 23.34 points firmer at 5,308.51.
A series of price hikes, including for fuel and electricity, have dampened the outlook among investors.
"Retail investors are reluctant to actively engage in stock market activities, expecting a few more macroeconomic changes that may occur as the result of this fuel price hike," said Kumuthini Sivathas, research analyst at Asha Philip securities.
The index was in neutral territory on Tuesday with the 14-day Relative Strength Index at 38.033, above the lower neutral range of 30, Reuters data showed. It is the worst performer among Asian markets with a 13 percent loss so far this year.
Foreign investors were net buyers of 75.1 million Sri Lanka rupees ($635,100) on Tuesday, extending the net foreign inflow to 1.84 billion rupees worth of shares so far this year, after net outflows of 19.1 billion last year.
The day's turnover was 1.1 billion rupees. Last year's average turnover was 2.3 billion. The day's volume was 39.4 million shares, lowest since Feb. 9, compared to last year's record daily average of 102.7 million.
The rupee closed slightly weaker at 118.50/60 to the dollar, compared with Friday's close of 118.20/40. It hit an all-time low of 120.90 on Wednesday, after the central bank stopped supporting a specific price level.
Dealers said the rupee currency weakened as importers bought dollars despite stock-related greenback sales by banks.
Both stock and currency markets were closed on Monday to mark a Hindu religious holiday. ($1 = 118.2500 Sri Lanka rupees)
(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Bryson Hull)
http://in.reuters.com/article/2012/02/21/markets-srilanka-idINL4E8DL66120120221
* Bourse edges up on retail trade, but concerns remain
* Foreign investors net buyers of 75.1 mln rupees
* Rupee weaker despite stock-related inflows
COLOMBO, Feb 21 (Reuters) - Sri Lanka's stock market edged up on Tuesday in moderate trade as investors snapped up battered shares, while the rupee weakened despite stock-related dollar inflows.
The main share index rose 0.86 percent in early trade, but closed 0.44 percent or 23.34 points firmer at 5,308.51.
A series of price hikes, including for fuel and electricity, have dampened the outlook among investors.
"Retail investors are reluctant to actively engage in stock market activities, expecting a few more macroeconomic changes that may occur as the result of this fuel price hike," said Kumuthini Sivathas, research analyst at Asha Philip securities.
The index was in neutral territory on Tuesday with the 14-day Relative Strength Index at 38.033, above the lower neutral range of 30, Reuters data showed. It is the worst performer among Asian markets with a 13 percent loss so far this year.
Foreign investors were net buyers of 75.1 million Sri Lanka rupees ($635,100) on Tuesday, extending the net foreign inflow to 1.84 billion rupees worth of shares so far this year, after net outflows of 19.1 billion last year.
The day's turnover was 1.1 billion rupees. Last year's average turnover was 2.3 billion. The day's volume was 39.4 million shares, lowest since Feb. 9, compared to last year's record daily average of 102.7 million.
The rupee closed slightly weaker at 118.50/60 to the dollar, compared with Friday's close of 118.20/40. It hit an all-time low of 120.90 on Wednesday, after the central bank stopped supporting a specific price level.
Dealers said the rupee currency weakened as importers bought dollars despite stock-related greenback sales by banks.
Both stock and currency markets were closed on Monday to mark a Hindu religious holiday. ($1 = 118.2500 Sri Lanka rupees)
(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Bryson Hull)
http://in.reuters.com/article/2012/02/21/markets-srilanka-idINL4E8DL66120120221
