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Lankan shares end losing streak, but concerns remain

23 November 2012 03:05 am - 0     - {{hitsCtrl.values.hits}}


Sri Lankan stocks recovered slightly from an 11-week low yesterday to end a run of six consecutive session losses, but dealers said high interest rates continued to cloud the market’s outlook and kept turnover low.

The Colombo Stock Exchange’s main index rose 0.86 percent, or 46.05 points, to end at 5,406.65, edging up from its lowest since Sept. 4.

 “It’s a technical rebound for certain stocks,” said one stockbroker.

Analysts said investors had been shifting to fixed deposits from equities after the central bank kept key policy rates at three-year highs after the market closed on Friday.

The yield on the 364-day T-bill gained 8 basis points to 12.81 percent at a weekly auction on Wednesday, rising for the sixth consecutive week, central bank data showed. The day’s turnover was 487.8 million rupees ($3.74 million), about half this year’s daily average of 911 million rupees. Foreign investors bought a net 25.1 million rupees worth of shares, extending the net foreign inflow this year to 34.5 billion rupees.

The rupee closed weaker at 130.15/20 to the dollar compared with Wednesday’s close of 130.30/40 on exporter dollar demand, dealers said.

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