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* Bourse down after breaching 6,500 technical support
* Foreign investors sell 181.1 mln rupees
* Rupee steady amid heavy importer demand
COLOMBO, Oct 17 (Reuters) - Sri Lanka's stock market fell to a three-month low on Monday in light turnover amid forced selling to clear margin debt and liquidity fears cooled action.
The island nation's main share index closed 1.41 percent or 92.40 points down at 6,457.51, lowest since July 25, falling below a key support level of 6,500. It is Asia's fifth-best performer with a year-to-date loss of 2.7 percent after being on the top for most of 2011.
The recent fall has pushed the index into oversold territory. The relative strength index on Monday fell to 21.63 from Friday's 26.50, well below its lower neutral range of 30.
The bourse witnessed a net foreign outflow of 181.1 million rupees on Monday. Thus far in 2011, offshore investors have sold 16.9 billion, and sold a record 26.4 billion in 2010.
After the market closed Taprobane Securities in a statement to the bourse said its client, unlisted Navara Capital, had bought 95.79 percent of Infrastructure Developers , of which more than 98 percent was owned by Malaysia-based Fly Asia.
Shares of Infrastructure Developers rose 9.82 percent to 30.20 rupees.
Conglomerate John Keells Holdings fell 0.2 percent to 199.70 rupees as offshore investors offloaded more than 100,000 shares, while foreign investors sold 3.7 million shares of top mobile operator Dialog Axiata , which ended steady.
Losers outperformed gainers by 189 to 21 on Monday, Thomson Reuters data showed.
Turnover was at 978.2 million Sri Lanka rupees ($8.9 million), its lowest since July 4 and less than last year's average of 2.4 billion and this year's 2.6 billion.
Monday's total volume was 57.4 million against a five-day average of 60.6 million. The 30-day and 90-day average trading volumes were 142.2 million and 129.2 million. Last year's daily average was 67.9 million.
The rupee closed flat at 110.18/20 a dollar for a 12th straight day, as a state bank continued dollar sales at 110.20 rupees in spite of heavy importer dollar demand, dealers said.
FACTORS TO WATCH: - If central bank can maintain a narrow dollar trading range - How much the central bank buys in repo auctions - Rupee depreciation due to heavy importer dollar demand
DATA
Colombo Stock Exchange:
Stock Market Volume (Shares)
Current Volume Average Volume 30 Days
57,370,371 142,185,252
* Foreign investors sell 181.1 mln rupees
* Rupee steady amid heavy importer demand
COLOMBO, Oct 17 (Reuters) - Sri Lanka's stock market fell to a three-month low on Monday in light turnover amid forced selling to clear margin debt and liquidity fears cooled action.
The island nation's main share index closed 1.41 percent or 92.40 points down at 6,457.51, lowest since July 25, falling below a key support level of 6,500. It is Asia's fifth-best performer with a year-to-date loss of 2.7 percent after being on the top for most of 2011.
The recent fall has pushed the index into oversold territory. The relative strength index on Monday fell to 21.63 from Friday's 26.50, well below its lower neutral range of 30.
The bourse witnessed a net foreign outflow of 181.1 million rupees on Monday. Thus far in 2011, offshore investors have sold 16.9 billion, and sold a record 26.4 billion in 2010.
After the market closed Taprobane Securities in a statement to the bourse said its client, unlisted Navara Capital, had bought 95.79 percent of Infrastructure Developers , of which more than 98 percent was owned by Malaysia-based Fly Asia.
Shares of Infrastructure Developers rose 9.82 percent to 30.20 rupees.
Conglomerate John Keells Holdings fell 0.2 percent to 199.70 rupees as offshore investors offloaded more than 100,000 shares, while foreign investors sold 3.7 million shares of top mobile operator Dialog Axiata , which ended steady.
Losers outperformed gainers by 189 to 21 on Monday, Thomson Reuters data showed.
Turnover was at 978.2 million Sri Lanka rupees ($8.9 million), its lowest since July 4 and less than last year's average of 2.4 billion and this year's 2.6 billion.
Monday's total volume was 57.4 million against a five-day average of 60.6 million. The 30-day and 90-day average trading volumes were 142.2 million and 129.2 million. Last year's daily average was 67.9 million.
The rupee closed flat at 110.18/20 a dollar for a 12th straight day, as a state bank continued dollar sales at 110.20 rupees in spite of heavy importer dollar demand, dealers said.
FACTORS TO WATCH: - If central bank can maintain a narrow dollar trading range - How much the central bank buys in repo auctions - Rupee depreciation due to heavy importer dollar demand
DATA
Colombo Stock Exchange:
Stock Market Volume (Shares)
Current Volume Average Volume 30 Days
57,370,371 142,185,252
