Banks drag Sri Lankan bourse to near 1-week low

Tue May 28, 2013 12:01pm BST

COLOMBO, May 28 (Reuters) - Sri Lankan shares fell to their
lowest in nearly a week on Tuesday as investors took profits
from recent gains in banking shares, while the rupee currency
ended weaker on importer dollar demand.
    The main stock index eased 0.2 percent, or 11.84
points, to close at 6,434.70, its lowest since May 17. It hit a
19-month high on Thursday.
    "The market is consolidating at these levels in low trading
volumes," said a stockbroker who declined to be identified.
    Shares in Commercial Bank of Ceylon fell 0.8
percent in thin volume. 
    Market heavyweight John Keells Holdings, which
after the market closed posted 23 percent gain in its March
quarterly earnings, edged up 0.3 percent. 
    Foreign investors were net buyers of shares worth of 74.7
million rupees, extending net foreign inflows this year to 13.3
billion rupees.
    Turnover was 553.2 million rupees ($4.38 million), around
half of this year's daily average of 1.04 billion rupees.
    The market's 14-day Relative Strength Index (RSI) was in
over-bought territory of 78.948 on Tuesday and has been above
the upper neutral level of 70 since April 16, Thomson Reuters
data showed.
    The rupee ended weaker at 126.48/55, per dollar from
Monday's close of 126.38/40 on importer dollar demand, dealers
said.
($1 = 126.3500 Sri Lanka rupees)

 (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Kim
Coghill)
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.