Sri Lanka's stock market closed down 1.04 percent on Friday, bouncing back after an erroneously entered trade triggered a panic selloff that forced a 30-minute trading halt when the sensitive Milanka Price Index dropped more than 5 percent.
Investors dumped shares amid fears of higher inflation and interest rates after this week's currency devaluation, and an erroneous trade in Distilleries Company of Sri Lanka PLC triggered panic.
The plantation sector index fell 2.53 percent on Friday, extending its weekly fall to 13.24 percent in reaction to a budget proposal to redistribute 37,000 acres of unused state planting land to small farmers.
The bourse has fallen 14.4 percent since Oct. 1 and it is Asia's 11th-best performer with a year-to-date loss of 12.5 percent.
The bourse saw a net foreign inflow of 18.2 million rupees on Friday ending six straight outflow sessions, but thus far in 2011, offshore investors have sold 17.3 billion, and a record 26.4 billion in 2010.
Two currency dealers Reuters spoke to said the central bank had sold at least $120 million since the devaluation to defend the currency at the new level amid depreciation pressure.
It has become the Asia's best 11th Performing Stock Market !!!
ReplyDeleteLOL !!!
Wat a Miracle of Asia !!!
:-))