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Message: <blockquote data-quote="lkdood" data-source="post: 11726783" data-attributes="member: 92282">Stocks at 3 week high amid heavy foreign outflow        * Foreign outflow 788.2 mln; highest since Sept 7* Foreigners sell Commercial bank * Central bank sells more than $50 mln to defend the rupeeSri Lanka's stock market gained for a third day on Tuesday to a near  three-week high, although foreign investors offloaded top lender  Commercial Bank of Ceylon, while the central bank kept the rupee steady  by selling over $50 million. Foreign outflow was at 788.2 million Sri Lanka rupees ($6.92 million),  as offshore investors sold top lender Commercial Bank, which edged up  0.4 percent and accounted for around 80 percent of the day's turnover. The day's offshore selling extended year-to-date outflow to18.8 billion. Foreigners sold a record 26.4 billion rupees in stocks in 2010. The island nation's main share index closed 0.54 percent or 32.51 points firmer at 6,015.09, its highest close since Dec. 8. The market has been looking for easing of credit limits imposed by the  SEC, which along with the resignation of the regulator's head and deputy  and a 3 percent currency devaluation have dampened the market. Any new direction from the new SEC head on credit limits is expected in January, brokers said. Last month brokers, who complained that tougher regulation was hurting  stock market prices, met President Mahinda Rajapaksa to urge him to  intervene in his capacity as finance minister to revive the slumping  bourse. Since Oct. 1, the bourse has fallen 11.8 percent. The Colombo Stock  Exchange has fallen to Asia's ninth best performer with a year-to-date  loss of 9.35 percent after being at the top until June. It delivered  Asia's best returns in 2009 and 2010. The rupee closed flat at 113.89/90 rupees a dollar for a 24th straight  session with the central bank selling more-than $50 million to defend  it, dealers said. The central bank last week said it can continue to maintain the rupee  exchange by selling dollars from foreign reserves as it expects large  dollar inflows in the comingmonths. The bank has spent around $610 million to keep the exchange rate steady  since a 3 percent devaluation on Nov. 21. It had spent a net of $1.36  billion this year until the end of September holding back depreciation  pressure. <img src="http://upload.wikimedia.org/wikipedia/en/thumb/e/e2/Reuters_logo.svg/100px-Reuters_logo.svg.png" alt="" class="fr-fic fr-dii fr-draggable " style="" /></blockquote>

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