COLOMBO Jan 22 Sri Lanka's stock market edged
up marginally on Tuesday, led by telecom shares on declining
yields in government securities, but foreign outflows continued
for a third day running as offshore investors sold banks.
The main share index closed 0.15 percent, or 8.91
points firmer, at 5,870.93 as yields in government securities
fell on Tuesday at a weekly auction for a seventh straight week,
with the 91-day t-bill yield falling to an 11-month low.
Foreign investors sold a net 225.1 million rupees worth of
shares on Tuesday, extending the net outflow of foreign funds to
750 million rupees ($5.92 million) in the last three sessions.
That turned the year-to-date foreign flow to a net outflow
of 114.94 million rupees. Sri Lanka enjoyed a record foreign
inflow of 38.63 billion rupees last year.
"Foreign selling is continuing and it's a bit of a worrying
sign," a stockbroker said on condition of anonymity.
Foreign investors mainly sold top lender Commercial Bank of
Ceylon, which ended 0.57 percent weaker at 104.20
Top mobile phone operator Dialog Axiata gained
3.57 percent and No.1 fixed-line phone operator Sri Lanka
Telecom rose 2.35 percent in thin trading.
Turnover on Tuesday was 2.1 billion rupees ($16.58 million).
The rupee closed weaker at 126.75/85 to the dollar
from Monday's close of 126.62/66.
($1 = 126.6750 Sri Lanka rupees)
(Reporting by Ranga Sirilal and Shihar Aneez)