Stocks fall to 2-month low; rupee ends steady

05 Mar 2013 - {{hitsCtrl.values.hits}}

Sri Lankan stocks fell to a two-month low yesterday led by large caps with local retail investor sentiment hit by both political and economic concerns, but foreign buying boosted turnover.

The main share index fell 0.37 percent to 5,631.89, its lowest since December 28. Foreign investors, who mainly bought banks, acquired a net Rs.858.3 million worth shares, reversing the year-to-date net foreign outflow to a net inflow of Rs.319.2 million.

Foreign buying accounted for 81.4 percent of turnover of Rs.1.08 billion which was just above this year's daily average of Rs.1.05 billion.

The market has fallen 3.5 percent in thin volume since the IMF on February 13 said Sri Lanka was facing slow growth, high inflation and lower tax revenue risks. Analysts said retailers were also worried about what could happen to Sri Lanka at UN Human Rights Council sessions in Geneva.

The rupee ended steady at 127.40/50 to the dollar in dull trade, but currency dealers said they expect depreciation pressure on the currency in coming weeks due to an expected rise in imports ahead of the April new year festival season.

(REUTERS)

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Stocks fall to 2-month low; rupee ends steady

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