February 27, 2013 / 11:41 AM / in 5 years

Sri Lanka stocks edge up from 2-month low, led by banks

COLOMBO, Feb 27 (Reuters) - Sri Lankan stocks edged up from a two-month low on Wednesday as investors picked up battered banking shares, but foreign investors were net sellers on worries about the economy.

The main share index rose 0.09 percent to 5,674.47.

“Local interest in the banking sector pushed the market up while foreigners were on the selling side,” said a stockbroker who declined to be identified.

Commercial Bank of Ceylon, which after the market closed posted a 22.3 percent gain in its December quarter net profit, rose 1.4 percent.

Foreign investors sold a net 107.18 million rupees worth of shares, extending the net foreign outflow so far this year to 194.82 million rupees.

Turnover was 623.04 million rupees, well below this year’s daily average of 1.05 billion rupees.

The rupee ended steady at 127.47/50 to the dollar as dollar inflows to government bonds and equity markets offset importer dollar demand, dealers said. ($1 = 127.5 rupees) (Reporting by Ranga Sirilal and Shihar Aneez)

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