Bourse at near 5-1/2 month low on large caps; rupee woes weigh

Friday, 6 September 2013 03:39 - - {{hitsCtrl.values.hits}}

Reuters: Stocks fell for a fourth straight session on Thursday to a 5-1/2 month closing low, with shares in large caps such as Ceylinco Insurance PLC leading the decline, amid concern over rupee volatility, traders said. The main share index fell 1.01%, or 57.90 points, to close at 5,686.99, its lowest close since 13 March. It has fallen 2.5% in the last four sessions, mainly due to concerns over the rupee, which hit a record low last week. The Bourse was in oversold territory on Thursday, with the 14-day Relative Strength Index falling to 27.324, below its lower neutral level of 30, Thomson Reuters data showed. Ceylinco Insurance shares fell 10.71% to Rs. 1,052.60 a share, while top conglomerate John Keells Holdings PLC fell 1.13% to Rs. 210.60. The rupee traded weaker due to importer dollar demand and remained under pressure in the absence of strong dollar inflows. The currency had hit an all-time low last week on panic buying by importers, but recovered later. Thursday’s turnover was Rs. 485.7 million ($3.65 million), well below this year’s daily average of about Rs. 893.6 million. Foreign investors were net sellers for the second straight session, selling Rs. 67.4 million worth of shares, but they have been net buyers of Rs. 18.5 billion in stocks so far this year.

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