Sri Lanka's bourse edged down on Monday for the first time in 13 sessions amid retail profit-taking, while the rupee edged down on importer dollar demand. The island's main share index closed 0.35 percent or 24.54 points weaker at 7,008.06. It has been Asia's best performer with 5.6 percent gain so far in 2011 after being the top performer last year with a 96 percent return.
Turnover was 3.2 billion rupees ($28.7 million) more than last year's daily average of 2.4 billion. Foreign investors were net buyers of 60.4 million rupees on Monday, but they have sold a net 1.7 billion rupees' worth shares so far this year after selling a net 26.4 billion rupees in 2010.
The bourse is trading at a forward price-to-earnings (P/E) ratio of 17.9, the highest among emerging markets, compared with 13.2 in Asian markets and 12.2 in global emerging markets, Thomson Reuters StarMine data showed. Its 14-day relative strength index is at 81.5, beyond the overbought limit of 70.
The traded share volume was 156.7 million against five-day and 30-day average of 101.2 million and 63.9 million respectively. The 90-day average volume is 68.4 million. Last year's daily average volume was 69.2 million. Sri Lanka's rupee edged down to 110.78/80 a dollar from Friday's 110.76/79 on importer dollar demand, traders said.
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