Bourse ticks up; rupee firmer

Wednesday, 26 September 2012 01:33 - - {{hitsCtrl.values.hits}}

Reuters: Stocks ended slightly firmer on Tuesday as investors picked up banking shares, with foreign interest centred on blue chips, dealers said, while the rupee firmed on dollar sales by banks.

The Colombo Stock Exchange’s main index, or All Share Price Index (ASPI), ended 0.18%, or 10.39 points, higher at 5,926.29.

“The market is holding on, even though there is some retail selling, thanks to blue chips and foreign buying,” said a stockbroker who declined to be identified.

The index rose 19% in 15 sessions through to 17 September on hopes that a new Securities and Exchange Commission Head would come up with ideas to revive the market, which is down 2.44% this year.

The Bourse has been overbought since 28 August, Thomson Reuters data shows. The 14-day Relative Strength Index on Tuesday was at 82.488, well above the upper neutral range of 70.

Turnover on Tuesday was Rs. 1.1 billion ($ 8.39 million) compared with this year’s daily average of Rs. 923 million.

The Bourse saw a net foreign inflow of Rs. 190 million, extending the net foreign inflow this year to Rs. 30.35 billion.

The rupee closed firmer at 131.00/05 to the dollar compared with Monday’s close of 131.03/08 as banks bought rupees, dealers said.