Friday, 21 June 2019

Sri Lanka stocks extend fall to hit over 1-week low; rupee steady

Reuters: ** Sri Lankan shares fell for the second straight session on Friday to hit a more than one-week low, due to continued foreign fund outflows, while the rupee ended steady as dollar demand from importers offset exporters’ greenback sales. 

** The benchmark stock index ended 0.17% weaker at 5,363.50, its lowest closing level since June 11. For the week, it fell 0.38%. It has dropped 11.38% so far this year. 

** Sri Lanka’s economy picked up to 3.7% in the first quarter of 2019, government data showed on Wednesday. 

** Sri Lanka is in talks with the Beijing-backed Asian Infrastructure Investment Bank for a $1 billion dollar loan, the finance ministry said, to help an economy that has been badly hit by a deadly terrorist attack in April and political turmoil that began last year. 

** Sri Lanka plans to raise up to 480 billion rupees ($2.72 billion) in additional debt this year for financing the government’s repayment obligations via local and foreign markets, a document showed on Thursday. 

** Moody’s said in a note on Wednesday that domestic and external obstacles pose challenges to Sri Lanka’s refinancing of government debt as recent terrorist attacks in the country could hurt revenue streams, further straining public finances and political issues could resurface. 

** The central bank cut its key interest rates on May 31 to support a faltering economy as overall business and consumer confidence slumped following deadly bomb attacks in April.

** Sri Lanka is unlikely to hit its full-year economic growth target of 3-4% following the bombings, junior finance minister Eran Wickramaratne told Reuters last month. A Reuters poll has forecast growth to slump to its lowest in nearly two decades this year. 

** Friday’s stock market turnover was 496.8 million rupees ($2.81 million), less than this year’s daily average of about 546.4 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 31.1 million rupees worth of shares on Friday, extending the year-to-date net foreign outflow to 5.93 billion rupees. 

** The rupee ended steady at 176.70/80 per dollar, compared with Thursday’s close, market sources said. The rupee fell 0.14% last week, but is up 3.34% for the year. 

** Analysts expect the rupee to weaken further as money flows out of stocks and government securities. 

** The rupee dropped 16% in 2018 and was one of the worst-performing currencies in Asia. 

** Foreign investors bought a net 311 million rupees worth of government securities in the week ended June 12, but the island nation’s net foreign outflow was at 21.6 billion rupees so far this year, central bank data showed.
 
($1 = 176.5500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal; Editing by Rashmi Aich)

Thursday, 20 June 2019

Sri Lanka stocks hit over 1-week low on profit taking; rupee slips

Reuters: ** Sri Lankan shares hit a more than one-week low on Thursday due to profit taking and continued foreign fund outflows from the island nation’s risky assets, while the rupee ended weaker on dollar demand from importers. 

** The benchmark stock index ended 0.37% weaker at 5,372.37, its lowest closing level since June 11, after ending at a nearly seven-week high on Wednesday. The bourse rose 1.61% last week, but has dropped 11.24% so far this year. 

** Sri Lanka’s economy picked up to 3.7% in first quarter 2019, government data showed on Wednesday. 

** Sri Lanka plans to raise up to 480 billion rupees ($2.72 billion) in additional debt this year for financing the government’s repayment obligations via local and foreign markets, a document showed on Thursday. 

** Moody’s said in a note on Wednesday that domestic and external obstacles pose challenges to Sri Lanka’s refinancing of government debt as recent terrorist attacks in the country could hurt revenue streams, further straining public finances and political issues could resurface. 

** The central bank cut its key interest rates on May 31 to support a faltering economy as overall business and consumer confidence slumped following deadly bomb attacks in April.

** Sri Lanka is unlikely to hit its full-year economic growth target of 3-4% following the bombings, junior finance minister Eran Wickramaratne told Reuters last month. A Reuters poll has forecast growth to slump to its lowest in nearly two decades this year. 

** Thursday’s stock market turnover was 136.01 million rupees ($769,940.56), well below this year’s daily average of about 546.8 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 34.4 million rupees worth of shares on Thursday extending the year-to-date net foreign outflow to 5.9 billion rupees. 

** The rupee ended at 176.70/80 per dollar, compared with Wednesday’s close of 176.65/80, market sources said. The rupee fell 0.14% last week, but is up 3.34% for the year. 

** Analysts expect the rupee to weaken further as money flows out of stocks and government securities. 

** The rupee dropped 16% in 2018 and was one of the worst-performing currencies in Asia. 

** Foreign investors bought a net 311 million rupees worth of government securities in the week ended June 12, but the island nation’s net foreign outflow was at 21.6 billion rupees so far this year, central bank data showed.

($1 = 176.6500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal; Editing by Rashmi Aich)

Wednesday, 19 June 2019

Sri Lanka stocks at more than 6-week high on foreign buying; rupee gains

Reuters: ** Sri Lankan shares closed at a more than six-week high on Wednesday, boosted by foreign inflows into equities, while the rupee ended slightly firmer on dollar sales by exporters. 

** The benchmark stock index ended 0.31% firmer at 5,392.30, its highest close since May 3. The bourse rose 1.61% last week, but has dropped 10.91% so far this year. 

** Sri Lanka’s economy picked up to 3.7% in first quarter 2019, government data showed on Wednesday. 

** Sri Lanka’s Finance Minister Mangala Samaraweera on Tuesday said the economy grew at 3.5% in the first quarter recovering from 1.8% in the previous quarter. 

** The central bank cut its key interest rates on May 31 to support a faltering economy as overall business and consumer confidence slumped following deadly bomb attacks in April.

** Sri Lanka is unlikely to hit its full-year economic growth target of 3-4% following the bombings, junior finance minister Eran Wickramaratne told Reuters last month. A Reuters poll has forecast growth to slump to its lowest in nearly two decades this year. 

** The government’s pension fund has resumed investing in risky assets as the stock market is “extremely undervalued at the moment and is considered a good time to go in”, the central bank governor said last month at its monetary policy meet. 

** Wednesday’s stock market turnover was 542.01 million Sri Lankan rupees ($3.07 million), inline with this year’s daily average of about 550.6 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors bought a net 178.5 million rupees worth of shares on Wednesday, first net buying in eight sessions. They have sold a net 522.6 million rupees for the seven days through Tuesday. The year-to-date net foreign outflow is at 5.87 billion rupees. 

** The rupee ended at 176.65/80 per dollar, compared with Tuesday’s close of 176.80/85, market sources said. 

** Analysts expect the rupee to weaken further as money flows out of stocks and government securities. 

** The rupee fell 0.14% last week, but is up 3.39% for the year. Exporters had converted dollars as investors’ confidence stabilised after a $1 billion sovereign bond was repaid in mid-January. 

** The rupee dropped 16% in 2018 and was one of the worst-performing currencies in Asia. 

** Foreign investors bought a net 311 million rupees worth of government securities in the week ended June 12, but the island nation’s net foreign outflow was at 21.6 billion rupees so far this year, central bank data showed.
($1 = 176.5500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal; Editing by Rashmi Aich)

Tuesday, 18 June 2019

Sri Lanka stocks at 1-week low on foreign selling; rupee weakens

Reuters: ** Sri Lankan shares dropped to a one-week low on Tuesday as foreign investors exited from the island nation’s risky assets, while the rupee ended weaker on dollar demand from importers. 

** The benchmark stock index ended 0.17% weaker at 5,375.60, its lowest close since June 11. The bourse rose 1.61% last week, but has dropped 11.18% so far this year. 

** Sri Lanka’s Finance Minister Mangala Samaraweera on Tuesday said the economy grew at 3.5% in the first quarter recovering from 1.8% in the previous quarter. 

** The central bank cut its key interest rates on May 31 to support a faltering economy as overall business and consumer confidence slumped following deadly bomb attacks in April.

** Sri Lanka is unlikely to hit its full-year economic growth target of 3-4% following the bombings, junior finance minister Eran Wickramaratne told Reuters last month. A Reuters poll has forecast growth to slump to its lowest in nearly two decades this year. 

** The government’s pension fund has resumed investing in risky assets as the stock market is “extremely undervalued at the moment and is considered a good time to go in”, the central bank governor said last month at its monetary policy meet. 

** Tuesday’s stock market turnover was 1.1 billion rupees ($6.23 million), twice this year’s daily average of about 550.7 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 106.3 million rupees worth of shares on Tuesday, extending the net foreign outflow for the past seven days to 522.6 million rupees. The year-to-date net foreign outflow now stands at 6.04 billion rupees. 

** The rupee ended at 176.80/85 per dollar, compared with Monday’s close of 176.75/85, market sources said. 

** Analysts expect the rupee to weaken further as money flows out of stocks and government securities. 

** The rupee fell 0.14% last week, but is up 3.28% for the year. Exporters had converted dollars as investors’ confidence stabilised after a $1 billion sovereign bond was repaid in mid-January. 

** The rupee dropped 16% in 2018 and was one of the worst-performing currencies in Asia. 

** Foreign investors bought a net 311 million rupees worth of government securities in the week ended June 12, but the island nation’s net foreign outflow was at 21.6 billion rupees so far this year, central bank data showed.

($1 = 176.7000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal, Editing by Sherry Jacob-Phillips)

Monday, 17 June 2019

Sri Lanka stocks hover near 6-week high as trade turnover zooms; rupee falls

Reuters: ** Sri Lankan shares ended marginally higher on Monday, hovering near a six-week high hit last week, as trade turnover touched a more than four-month high amid continued foreign fund outflows, while the rupee ended weaker on dollar demand from importers. 

** The benchmark stock index ended 0.02% firmer at 5,384.93, steadying near its highest close since May 3 hit on Thursday. The bourse rose 1.61% last week but it has fallen 11.03% this year so far. 

** The central bank cut its key interest rates on May 31 to support a faltering economy as overall business and consumer confidence slumped following deadly bomb attacks in April.

** Sri Lanka is unlikely to hit its full-year economic growth target of 3-4% following the bombings, junior finance minister Eran Wickremeratne told Reuters last month. A Reuters poll has forecast growth to slump to its lowest in nearly two decades this year. 

** The government’s pension fund has resumed investing in risky assets as the stock market is “extremely undervalued at the moment and is considered a good time to go in”, the central bank governor said last month at its monetary policy meet. 

** Monday’s stock market turnover was 2.18 billion Sri Lankan rupees ($12.34 million), its highest since Feb 11 and more than four times this year’s daily average of about 545.6 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 27.9 million rupees worth of shares on Monday, extending the net foreign outflow for the past six days to 416.3 million rupees. The year-to-date net foreign outflow now stands at 5.94 billion rupees. 

** The rupee ended at 176.75/85 per dollar, compared with Friday’s close of 176.70/90, market sources said. 

** Analysts expect the rupee to weaken further as money flows out of stocks and government securities. 

** The rupee fell 0.14% last week but is up 3.31% for the year. Exporters had converted dollars as investors’ confidence stabilised after a $1 billion sovereign bond was repaid in mid-January. 

** The rupee dropped 16% in 2018 and was one of the worst-performing currencies in Asia. 

** Foreign investors bought a net 311 million rupees worth of government securities in the week ended June 12, but the island nation’s net foreign outflow was at 21.6 billion rupees so far this year, central bank data showed. 

($1 = 176.7000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal; Editing by Rashmi Aich)

Senthilverl drives Sri Lanka stock turnover to 3-month high in morning session

ECONOMYNEXT- Sri Lanka's stock market turnover reached 2.05 billion rupees at the end of the morning session on Monday, reaching a three month high on the back of high net worth investor Thirugnanasambandar Senthilverl rearranging his portfolio. 

The morning session turnover broke the 2 billion rupee turnover set on March 08, and inched closer to the 2.1 billion rupee turnover set on February 28. The highest turnover so far this year was 3.3 billion rupees on February 11.

Senthilverl was seen moving shares from his personal account at Seylan Bank to a company named Senthilverl Holdings (Pvt) Ltd.

In the past, he had owned stakes in companies through two personal accounts at Seylan Bank and Sampath Bank.

Brokers said Senthilverl, who has stakes in over 70 companies, is expected to continue trades over the rest of the week, moving the remainder of his equities portfolio held in his personal Seylan Bank account to the holding company account.

Some of the biggest crossings on Monday were in Sanasa Development Bank and C. W. Mackie.

Large crossings were also seen on Samson International, Asia Asset Finance, Colombo Fort Land & Building, Laxapana Batteries and Sunshine Holdings.

The crossings were happening at market prices.

Brokers said a prolongued period of high turnover may bring momentum to a relatively inactive market.

The All Share Price Index ended the morning session 0.16 percent or 8.62 points up at 5,392.34 while the more liquid S&P SL20 Index was up 2.90 points or 0.12 percent up at 2,515.58.

Friday, 14 June 2019

Sri Lanka stocks snaps 5-day rally on foreign outflows; rupee falls

Reuters: ** Sri Lankan shares snapped a five-day rally to end a tad weaker on Friday, slipping from a near six-week high hit in the last session, as foreign fund outflows from equities continued, while the rupee fell on persistent dollar demand from importers. 

** The benchmark stock index ended 0.07% weaker at 5,383.72, edging down from its highest close since May 3 hit on Thursday. But it rose 1.61% for the week. The bourse fell 11.05% this year so far. 

** The central bank cut its key interest rates on May 31 to support a faltering economy as overall business and consumer confidence slumped following deadly bomb attacks in April.

** Sri Lanka is unlikely to hit its full-year economic growth target of 3-4% following the bombings, junior finance minister Eran Wickremeratne told Reuters last month. A Reuters poll has forecast growth to slump to its lowest in nearly two decades this year. 

** The government’s pension fund has resumed investing in risky assets as the stock market is “extremely undervalued at the moment and is considered a good time to go in”, the central bank governor said last month at its monetary policy meet. 

** Friday’s stock market turnover was 1.14 billion Sri Lankan rupees ($6.45 million), more than twice this year’s daily average of about 530.3 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 61.4 million rupees worth of shares on Friday extending the net foreign outflow for the past five days to 388.4 million rupees. The year-to-date net foreign outflow was at 5.91 billion rupees. 

** The rupee ended at 176.70/90 per dollar, compared with Thursday’s close of 176.60/70, market sources said. 

** Analysts expect the rupee to weaken further as money flows out of stocks and government securities. 

** The rupee fell 0.14% for the week but is up 3.34% for the year. Exporters had converted dollars as investors’ confidence stabilised after a $1 billion sovereign bond was repaid in mid-January. 

** The rupee dropped 16% in 2018 and was one of the worst-performing currencies in Asia. 

** Foreign investors bought a net 311 million rupees worth of government securities in the week ended June 12, but the island nation’s net foreign outflow was at 21.6 billion rupees so far this year, central bank data showed. 

($1 = 176.7000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal; Editing by Rashmi Aich)