Sri Lankan shares closed flat on Friday as gains in hotel shares were offset by losses in diversified shares in thin turnover, while the rupee closed weaker on importer demand for dollars. Sri Lanka's main share index edged up 0.03 percent or 1.98 points to 7,319.15.
Hotel and travel shares gained amid hopes of a reduction in airfare on easing crude oil prices globally as oil collapsed into free-fall on Thursday, diving as much as 10 percent. However, the gain was capped by profit-taking in diversified shares led by a 1.9 percent fall in Carson Cumberbatch. Foreign investors were net buyers for the fourth straight session, picking up 17.9 million rupees' worth of shares. But they have sold a net 5.77 billion in 2011, and a record 26.4 billion in 2010.
Turnover was 1.73 billion Sri Lanka rupees ($15.8 million), well below last year's average of 2.4 billion rupees and this year's daily average of 2.89 billion rupees. Traded volume was 78.7 million, against a five-day average of 55.9 million. The 30-day and 90-day average trading volumes were 54.3 million and 63.7 million, respectively. Last year's daily average volume was 67.9 million. The bourse is still Asia's best performer in 2011 with an 10.3 percent gain, after bringing in the region's top gain, 96 percent, last year.
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