Tuesday, 21 May 2013 17:06
Posted by Muhammad Iqbal
COLOMBO: Sri Lanka shares retreated on Tuesday from the previous session's 19-month high as investors booked profits in banking and telecommunication shares after the recent rally pushed the bourse into overbought territory.The main stock index fell 0.39 percent, or 25.03 points, to close at 6,441.64, slipping for the first time in the last five sessions. The bourse hit its highest close since Oct. 14, 2011 on Monday.Trading was dominated by foreign investors with foreign buying accounting for 69 percent of the day's turnover.Foreign investors were net buyers of 1.09 billion rupees ($8.63 million) of shares, extending net foreign inflows this year to 12.56 billion rupees.The market 14-day Relative Strength Index (RSI) was in over-bought territory of 83.627 on Tuesday and has been above the upper neutral level of 70 since April 16, Thomson Reuters data showed."Profit-taking brought the market down," a stockbroker said on condition of anonymity.Market turnover was 2.19 ...