Sri Lanka's stock market gained on Friday in light trading volume and turnover due to retail speculation including Singer Finance , but concerns remained over the lack of liquidity. The island nation's main share index rose 0.2 percent or 13.76 points to 6,852.96. It is the second-best performer in Asia with a return of 3.27 percent on the year after Indonesia.
Gainers outperformed losers by 107 shares to 101, Thomson Reuters data showed. Retail speculative buying continued with Singer Finance, which traded heavily and jumped 25.9 percent to a near five-month high. The bourse witnessed foreign outflows of 11.8 million rupees on Friday, and thus far in 2011, offshore investors have sold 10.46 billion, after a record 26.4 billion in 2010.
The day's turnover was 1.98 billion Sri Lanka rupees ($18 million), well below last year's average of 2.4 billion and this year's 2.7 billion. After the end of a long civil war, Sri Lanka's bourse turned into Asia's best performer in 2009 and 2010, gaining 124 percent and 96 percent, respectively, but has touched negative on-the-year territory this year.
Friday's total volume was 62.9 million, against a five-day average of 67.7 million. The 30-day and 90-day average trading volumes were 96.5 million and 117.1 million. Last year's daily average was 67.9 million. The rupee ended flat at 110.00 a dollar, despite heavy importer dollar demand as a state bank, through which the central bank directs the market, protected the currency by selling it at 110, dealers said.
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