February 25, 2014 / 11:56 AM / in 4 years

Sri Lankan stocks fall to near 10-wk low; outflow continues

COLOMBO, Feb 25 (Reuters) - Sri Lankan shares fell for a ninth straight session on Tuesday to hit a near 10-week low as investors sold large caps amid continued foreign selling in risky assets.

The main stock index fell 0.80 percent, or 47.13 points, to 5,835.92, its lowest close since Dec. 18.

The index has dropped nearly 7 percent in the last 15 sessions. The index has dipped into overbought territory since Friday, Thomson Reuters data showed.

Foreign investors sold a net 116.6 million rupees ($889,700) worth of shares on Tuesday, extending outflows to 5.41 billion rupees in the past 13 sessions as some offshore funds exited the market.

The bourse has seen a net 4.02 billion rupees of foreign outflows so far in 2014, after enjoying net inflows of 22.88 billion rupees last year.

Analysts said investors were concerned over possible further outflows, though local investors are still optimistic about risky assets due to falling interest rates.

Shares of market heavyweight Ceylon Tobacco Co Plc fell 2.58 percent to 1,090.70 rupees, while top conglomerate John Keells Holdings fell 1.29 percent to 206.30 rupees.

The day’s turnover was 426.93 million rupees, well below this year’s daily average of about 1.11 billion rupees. ($1 = 131.0500 Sri Lanka rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Prateek Chatterjee)

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