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Trading Wednesday - Sri Lanka stocks close up 0.2-pct, rupee weaker

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sriranga

sriranga
Co-Admin

Jan 23 (Reuters) - Sri Lanka's stock market edged up to a three-month high on Wednesday, led by banking and hotel shares, but foreign selling continued for the fourth day running.

The main share index closed 0.22 percent, or 12.73 points firmer, at 5,883.66, its highest close since Oct 3.

Foreign investors sold a net 239.15 million rupees ($1.89 million) worth of shares, extending the net outflow of foreign funds to 989.2 million rupees over four sessions and bringing the year-to-date foreign outflow of 354.1 million rupees.

Sri Lanka enjoyed a record foreign inflow of 38.63 billion rupees last year.

"The good thing is there is no panic in the market, though the foreign selling is continuing," a stockbroker said on condition of anonymity.

Foreign investors mainly sold top lender Commercial Bank of Ceylon, which ended 0.19 percent weaker at 104 rupees.

A fall in the yields of government securities boosted local buying after the 91-day t-bill yield fell to an 11-month low at a weekly auction on Tuesday.

Turnover on Wednesday was 1.27 billion rupees ($10.02 million).

The rupee closed weaker at 127.00/20 to the dollar from Tuesday's close of 126.75/85.

($1 = 126.7000 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Ron Popeski)
http://uk.reuters.com/article/2013/01/23/markets-srilanka-idUKL4N0AS4N320130123

http://sharemarket-srilanka.blogspot.co.uk/

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Jan 23, 2013 (LBO) - Sri Lanka's stocks closed up 0.2 percent Wednesday with banking sector stocks seeing interest, while the rupee weakened in forex markets, brokers and dealers said.

The Colombo All Share Index rose 0.22 percent to close at 5,883.66 points up 12.73 points and the S&P SL 20 Index rose 7.23 point to close at 3,191.80 points up 0.23 percent.

Turnover was 1.2 billion rupees.

Commercial Bank of Ceylon closed at 104.10 rupees down 10 cents with a 5.1 million share off-market deal also contributing. The stock contributed 631 million rupees to turnover.

Environmental Resources Holdings saw 5.3 million shares traded at 19.10 rupees up 90 cents.

Carsons Cumberbatch closed at 449.80 up 5.80 rupees contributing most to the index followed by LOLC which closed at 71.50 up 1.50 cents.

Dialog Axiata closed at 8.50 down 10 cents.

In forex markets the rupee weakened as much as 127.10/15 in late trading Wednesday donw from Tuesday's close of around 126.75/85 rupees.
Liquidity has surged in Sri Lanka's forex markets putting pressure on the dollar peg. Excess liquidity rose to 41 billion rupees on January 22.

Analysts say the Central Bank could kill some liquidity by selling down its reserves (unsterilized sales) to prevent the rupee weakening.
http://lbo.lk/fullstory.php?nid=658054844

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