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Sri Lanka's main share index shed 8.5 percent in 2011, falling from its perch as Asia's best performer in the previous two years, as it closed weaker on Friday in thin trade.
The island nation saw foreign outflow of 19.1 billion Sri Lanka rupees ($168 million) in 2011, compared with last year's
record high 26.4 billion.
The market was Asia's best performer in 2009 and 2010 mainly due to heavy local retail buying, as the country emerged from a 25-year war.
This year, the Colombo bourse was Asia's 10th-best performer with an annual loss of 8.46 percent. It held top spot in the
region until June.
"We are optimistic in 2012 as interest rates are still low," said Hussain Gani, CEO at TKS Securities. "Even if rates go up
by 200 basis points, it (the market) will be attractive."
The central bank has kept monetary policy rates at more than six-year lows since January.
On Friday, the main share index closed down 0.25 percent, or 14.96 points, at 6,074.42.
The index hit a record high on February 15, but has since fallen 22.8 percent due to a credit curb move by Sri Lanka's
Securities and Exchange Commission (SEC).
In the fourth quarter, the resignation of two top SEC officials, an asset takeover bill, a 3 percent devaluation, and inconsistent investment policies dampened the market
http://www.reuters.com/article/2011/12/30/markets-srilanka-idUSL3E7NU2XV20111230
The island nation saw foreign outflow of 19.1 billion Sri Lanka rupees ($168 million) in 2011, compared with last year's
record high 26.4 billion.
The market was Asia's best performer in 2009 and 2010 mainly due to heavy local retail buying, as the country emerged from a 25-year war.
This year, the Colombo bourse was Asia's 10th-best performer with an annual loss of 8.46 percent. It held top spot in the
region until June.
"We are optimistic in 2012 as interest rates are still low," said Hussain Gani, CEO at TKS Securities. "Even if rates go up
by 200 basis points, it (the market) will be attractive."
The central bank has kept monetary policy rates at more than six-year lows since January.
On Friday, the main share index closed down 0.25 percent, or 14.96 points, at 6,074.42.
The index hit a record high on February 15, but has since fallen 22.8 percent due to a credit curb move by Sri Lanka's
Securities and Exchange Commission (SEC).
In the fourth quarter, the resignation of two top SEC officials, an asset takeover bill, a 3 percent devaluation, and inconsistent investment policies dampened the market
http://www.reuters.com/article/2011/12/30/markets-srilanka-idUSL3E7NU2XV20111230
