Sri Lanka's stock market rose 0.7 percent on Friday to a six-week high on bargain hunting despite foreign selling, while the rupee closed weaker on importer demand for dollar in a short market day ahead of Christmas weekend. The island's main share index rose 46.74 points to 6,558.25, its highest since November 12. It gained 3.1 percent with rising in four-straight sessions this week.
Asia's best performer in 2010 has risen 93.7 percent, ahead of second-ranked Indonesia's 42.5 percent. It has fallen 9 percent since hitting a record high on October 4, mainly on a liquidity shortage, and has slowed down with year-end settlements and the impending holidays.
The day's turnover was 1.3 billion rupees ($11.6 million) - more-than two times the 2009 daily average of 593.6 million rupees. Both money and share markets were closed for a half-day holiday for the Christmas on Saturday. Foreign investors have sold a net 25.9 billion rupees in shares this year, and on Friday they sold a net 250.5 million rupees.
The bourse is trading at a forward price-to-earnings ratio of 18.4, the highest in Asia and global emerging markets, compared with all-Asia's 13.2 and global emerging markets' 12.2, Thomson Reuters StarMine data showed. The CSE's 14-day relative strength index is at 59.6, towards the upper neutral limit of 70.
The half-day Volume hit 34.2 million shares on Friday, against an average volume of 30.4 million and 49.4 million in the past five and 30 days respectively. The 90-day average volume is 63.7 million. Sri Lanka's rupee closed down at 111.15/20 a dollar from Thursday's 111.05/08 on importer dollar demand, dealers said. The rupee has risen 2.86 percent in 2010.
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