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Sri Lanka stocks hit peak again, up 120 pct in 2009

[Reuters, Monday, 28 December 2009 11:55 No Comment]

Sri Lankan shares .CSE hit another record high on Monday after having already more than doubled this year.

Analysts said that investors were positioning ahead of Jan. 26 presidential polls, betting that regardless of the outcome the stock market will continue its climb, fuelled by post-war economic optimism. It has risen over 120 percent so far this year.

Bourse data published before the start of trade on Monday showed investors have sold a net 473 million rupees worth of stocks so far this year.

But analysts said the number largely reflected the exit of Galleon Hedge Fund after its founder Raj Rajaratnam was charged of insider trading by U.S. authorities and that foreigners were net buyers in recent weeks.

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