Sri Lanka shares post first monthly gain in 2019; rupee gains

Reuters: ** Sri Lankan shares ended firmer at a more than one-week high on Friday buoyed by gains in beverage stocks, posting their first monthly gain this year, while the rupee edged up on dollar sales as month-end inward remittances surpassed importers’ greenback demand, market sources said. 

** The benchmark stock index ended 0.51% firmer at 5,372.28, its highest close since June 20. The index rose 0.16% for the week and posted its first monthly gain since December, rising 1.15%. However, it is still down 11.24% so far this year. 

** Foreigners sold on a net basis for the 14th session out of the last 15, the bourse data showed. 

** Friday’s stock market turnover was 300.91 million rupees ($1.71 million), well below this year’s daily average of about 545.2 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 54.9 million rupees worth of shares on Friday, extending the year-to-date net foreign outflow to 6.34 billion rupees. 

** The currency edged up at 176.40/50 per dollar, compared with Thursday’s close of 176.55/65, market sources said. The rupee rose 0.17% during the week and is up 3.51% for the year. 

** The island nation raised $2 billion via 5-year and 10-year sovereign bond sales, its central bank said on Tuesday, tapping global capital markets for the second time in three months. 

** But 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 879.6 million rupees worth of government securities in the week ended June 19, but the island nation’s net foreign outflow was at 20.7 billion rupees so far this year, the central bank data showed. 

** 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. 

($1 = 176.4000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Rashmi Aich)

Sri Lanka stocks end flat as blue chips drag; rupee slips

Reuters: ** Sri Lankan shares ended nearly flat on Thursday pulled down by weakness in blue chips such as conglomerate John Keells Holdings Plc in dull trade, while the rupee fell on importers’ dollar demand, market sources said. 

** The benchmark stock index ended 0.06% weaker at 5,345.13, hovering near its lowest closing level since June 11 hit on Tuesday, with John Keells making the biggest dent as it fell 0.72%. 

** The index fell 0.38% last week and is down 11.69% so far this year. 

** Foreigners sold on a net basis for the 13th session out of the last 14, the bourse data showed. 

** Thursday’s stock market turnover was 337.04 million rupees ($1.91 million), well below this year’s daily average of about 547.3 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 43.6 million rupees worth of shares on Thursday, extending the year-to-date net foreign outflow to 6.28 billion rupees. 

** The currency edged down at 176.55/65 per dollar, compared with Wednesday’s close of 176.50/60, market sources said. The rupee is up 3.43% for the year. 

** The island nation raised $2 billion via 5-year and 10-year sovereign bond sales, its central bank said on Tuesday, tapping global capital markets for the second time in three months. 

** 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 879.6 million rupees worth of government securities in the week ended June 19, but the island nation’s net foreign outflow was at 20.7 billion rupees so far this year, the central bank data showed. 

** 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. 

 

($1 = 176.5000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Rashmi Aich)

Sri Lanka shares recover from 2-week low on block trade; rupee slips

Reuters: ** Sri Lankan shares snapped a four-session losing streak to end tad firmer on Wednesday on block trading of select shares, bouncing back from a two-week low hit on the previous day, while the rupee fell on importers’ dollar demand, market sources said. 

** The benchmark stock index ended 0.11% higher at 5,348.57, recovering from its lowest closing level since June 11 hit on Tuesday. It fell 0.38% last week and is down 11.63% so far this year. 

** Foreigners sold on a net basis for the 12th session out of the last 13, the bourse data showed. 

** The currency edged down at 176.50/60 per dollar, compared with Tuesday’s close of 176.45/55, market sources said. The rupee is up 3.45% for the year. 

** The island nation raised $2 billion via 5-year and 10-year sovereign bond sales, its central bank said on Tuesday, tapping global capital markets for the second time in three months. 

** 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 879.6 million rupees worth of government securities in the week ended June 19, but the island nation’s net foreign outflow was at 20.7 billion rupees so far this year, central bank data showed. 

** 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. 

** Wednesday’s stock market turnover was 128.1 million rupees ($726,190.48), well below this year’s daily average of about 549.1 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 8.2 million rupees worth of shares on Wednesday, extending the year-to-date net foreign outflow to 6.24 billion rupees. 

($1 = 176.4000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Rashmi Aich)

Sri Lanka stocks fall; rupee ends steady as bond sale attracts dollars

Reuters: ** Sri Lanka shares fell for the fourth straight session on Tuesday to hit a two-week low on foreign outflows, while rupee ended steady buoyed by dollar inflows into two new sovereign bonds launched a day ago, market sources said. 

** The island nation raised $2 billion via 5-year and 10-year sovereign bond sales launched on Monday, its central bank said on Tuesday, tapping global capital markets for the second time in three months. 

** The currency touched a high of 176.05 early in the day and ended steady at 176.45/55 per dollar, compared with Monday’s close as the exporter dollar sales offset the importer greenback demand, market sources said. The rupee is up 3.4% for the year. 

** Analysts, however, still 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 879.6 million rupees worth of government securities in the week ended June 19, but the island nation’s net foreign outflow was at 20.7 billion rupees so far this year, central bank data showed. 

** Meanwhile, Sri Lankan benchmark stock index fell for the fourth straight session on Tuesday and ended 0.22% weaker at 5,342.49, its lowest closing level since June 11. It fell 0.38% last week and is down 11.73% so far this year. 

** Foreigners sold on a net basis for the 11th session out of the last 12, the bourse data showed. 

** 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. 

** Tuesday’s stock market turnover was 1.6 billion rupees ($9.07 million), nearly three time this year’s daily average of about 552.8 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 174 million rupees worth of shares on Tuesday, extending the year-to-date net foreign outflow to 6.23 billion rupees. 

($1 = 176.3500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Rashmi Aich)

Sri Lanka rupee edges higher on sovereign bond launch; stocks fall

Reuters: ** Sri Lanka rupee rose on Monday buoyed by hopes of dollar inflows into two sovereign bonds launched earlier in the day, while shares fell for the third straight session to hit a near two-week low on foreign outflows, market sources said. 

** The island nation launched the sale of 5-year and 10-year sovereign bonds, a senior government official told Reuters, aiming to tap global capital markets for the second time in three months. 

** The currency ended at 176.45/55 per dollar, compared with Friday’s close of 176.70/80, market sources said. The rupee is up 3.4% for the year. 

** Analysts, however, still 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 879.6 million rupees worth of government securities in the week ended June 19, but the island nation’s net foreign outflow was at 20.7 billion rupees so far this year, central bank data showed. 

** Meanwhile, Sri Lankan benchmark stock index ended 0.17% weaker at 5,354.53, its lowest closing level since June 11. It fell 0.38% last week and is down 11.53% so far this year. 

** Foreigners sold on a net basis for the 10th session out of the last 11, the bourse data showed. 

** Sri Lanka’s economy picked up to 3.7% in the first quarter of 2019, government data showed on Wednesday. But investors shrugged off better-than-expected growth as full-year growth is expected to slow after the Easter Sunday attack. 

** Sri Lanka is in talks with the Beijing-backed Asian Infrastructure Investment Bank for a $1 billion dollar loan, the finance ministry said. 

** 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 261.5 million rupees ($1.48 million), less than this year’s daily average of about 543.9 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 131 million rupees worth of shares on Monday, extending the year-to-date net foreign outflow to 6.06 billion rupees. 

 

($1 = 176.4000 Sri Lankan rupees) 

(Reporting by Shihar Aneez and Ranga Sirilal; Editing by Rashmi Aich)

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)

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)

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)

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)

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.

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)

Sri Lanka sells 2-yr bond at 9.79-pct, 9-yr bond at 10.63-pct

ECONOMYNEXT- Sri Lanka sold a 2-year bond and a 9-year bond at close to market rates at Thursday's auction which will be settled on June 17, data from the state debt office showed.

The Public Debt Department sold 30 billion rupees of a 2-year bond maturing on 15.10.2021 at a weighted average yield of 9.79 percent in the primary auction.

The newly issued bond closed trading on Thursday in the secondary market at 9.75/80 percent, dealers said.

A closely maturing 15.12.2021 bond had opened at 9.75/85 percent before the auction and had closed flat on Thursday.

The state debt office sold 40 billion rupees of a 9-year bond maturing on 15.03.2028 at a weighted average yield of 10.63 percent at the auction.

The bond closed trading at 10.60/70 percent in the secondary market.

A closely maturing 01.08.2028 bond closed at 10.65/75 percent.

A 15.06.2027 bond closed at 10.60/70 percent, identical to the new bond, dealers said.

First Capital upgrades exchange rate outlook for 2019E to LKR 180 from 194

LBO – Sri Lanka’s First Capital Research has upgraded their exchange rate outlook for 2019E to 1 USD: LKR 180 from 194 as their 65 percent base case scenario.

The firm has also introduced a 12-month target for Jun 2020E of 1 USD: LKR 185 as a 60 percent base case scenario.

“In spite of the recent rate cut, the weakness of the rupee may be limited considering the delay in consumer demand while Rupee is also likely to be supported by the weak dollar and targeted debt driven inflows,” the firm said.

Central Bank’s foreign reserve position is key in building confidence in the exchange rate.

Currently, as at May 2019, foreign reserves stood at 6.7 billion US dollars which is estimated to be above the targeted 4 months of imports.

Heavy dip in imports has reduced the overall comfortable level of foreign reserves.

“In order to maintain reserves at USD 6.5-7.0Bn range, CBSL needs to raise a further USD 2Bn for which cabinet approval has already been obtained.”

CBSL also targets an additional 2.5 billion dollars to be raised to meet payments falling due in 2020 before the election season which starts in 4Q2019 and may continue up to 2Q2020.

First Capital Research says if Sri Lanka is successful in raising the required funds via foreign debt over next couple of months, the foreign reserve position could be maintained at a reasonably comfortable level which they believe is 6.5 billion dollars considering the prevailing environment.

Following the Easter Sunday attacks, with immediate effect, the tourism sector saw heavy cancellations flowing in for 2019 while many small scale hotels and resorts decided to shut down for 6 months.

“We estimate the tourism earnings are likely to fall short by USD 1.5-2.0Bn from the original estimate,” First Capital Research said.

“In addition to the loss in foreign exchange, the net impact is, however, much lower as consumer demand crashed almost immediately and is yet to recover.”

As a result imports have seen a further crash following the attacks amidst the lower consumer demand and 30 percent of tourism earnings estimated to be imports.

Amidst a further hit in imports despite the loss in revenue from tourism the Sri Lankan Rupee stands steady with a YTD appreciation of 3.5 percent up to 31 May 2019.

Meanwhile, the US Dollar is expected to weaken during the 2H2019 possibly favouring the Sri Lankan Rupee.

Sri Lanka stocks end at near 6-week high; rupee falls

Reuters: ** Sri Lankan shares rose for the fifth straight session on Thursday to end at a near six-week high on local buying, even as foreign investors continued exiting the island nation’s risky assets, while the rupee edged lower on importers’ dollar demand. 

** The benchmark stock index ended 0.16% firmer at 5,387.36, its highest close since May 3. It fell 0.24% last week and 10.99% 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. 

** Thursday’s stock market turnover was 235.5 million rupees ($1.33 million), less than this year’s daily average of about 524.5 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 109.8 million rupees worth of shares on Thursday, extending the year-to-date net foreign outflow to 5.85 billion rupees. 

** The rupee ended at 176.60/70 per dollar, compared with Wednesday’s close of 176.45/60, market sources said. 

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

** The rupee fell 0.03% 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 sold a net 3.5 billion rupees worth of government securities in the week ended June 4, extending the island nation’s net foreign outflow to 21.9 billion rupees so far this year, central bank data showed. 

($1 = 176.5000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal; Editing by Rashmi Aich)

Sri Lanka stocks end at over 5-week high on local buying; rupee slips

Reuters: ** Sri Lankan shares rose for the fourth straight session on Wednesday to hit a more than five-week closing high on local buying, offsetting continued foreign selling in equities, while the rupee ended slightly weaker on dollar demand from importers. 

** The benchmark stock index ended 0.81% firmer at 5,378.73, its highest close since May 7. It fell 0.24% last week and declined 11.13% 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. 

** Wednesday’s stock market turnover was 254.8 million rupees ($1.44 million), less than this year’s daily average of about 527.3 million rupees. Last year’s daily average was 834 million rupees. ** Foreign investors sold a net 26.8 million rupees worth of shares on Wednesday, extending the year-to-date net foreign outflow to 5.74 billion rupees. 

** The rupee ended at 176.45/60 per dollar, compared with Tuesday’s close of 176.30/60, market sources said. 

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

** The rupee fell 0.03% last week but is up 3.48% 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 sold a net 3.5 billion rupees worth of government securities in the week that ended on June 4, extending the island nation’s net foreign outflow to 21.9 billion rupees so far this year, central bank data showed. 

($1 = 176.3500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal; Editing by Rashmi Aich)

Sri Lanka stocks end at near 1-month high on local buying; rupee gains

Reuters: ** Sri Lankan shares ended firmer for the third straight session on Tuesday to hit a near one-month closing high on local buying, even as foreign investors continued to pull out funds from equities, while the rupee ended slightly stronger. 

** The benchmark stock index ended 0.23% firmer on at 5,335.29, its highest close since May 9. It fell 0.24% last week and declined 11.9% this year so far. The index had hit its lowest level since May 17 last Thursday. 

** 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. 

** Tuesday’s stock market turnover was 411.7 million Sri Lankan rupees ($2.33 million), its highest since May 28 but below this year’s daily average of about 529.9 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 183.1 million rupees worth of shares on Tuesday, extending the year-to-date net foreign outflow to 5.71 billion rupees. 

** The rupee ended at 176.30/60 per dollar, compared with Friday’s close of 176.40/50, Refinitiv data showed. 

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

** The rupee fell 0.03% last week but is up 3.57% for the year. Exporters had converted dollars as investor 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 sold a net 3.5 billion rupees worth of government securities in the week that ended on June 4, extending the island nation’s net foreign outflow to 21.9 billion rupees so far this year, central bank data showed. 

($1 = 176.4000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal; Editing by Rashmi Aich)

Sri Lanka stocks end at 1-week peak in thin trade; rupee edges higher

Reuters: ** Sri Lankan shares ended firmer for the second straight session on Monday in dull trade to hit a one-week closing high, while the rupee ended slightly stronger, market sources said. 

** The benchmark stock index ended 0.47% firmer on Monday at 5,298.18, further moving away from its lowest close since May 17 hit on Thursday. It fell 0.24% last week and declined 12.1% this year so far. 

** On May 31, the central bank cut its key interest rates 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 75.5 million Sri Lankan rupees ($428,247.31), its lowest since Jan.4 and well below this year’s daily average of about 531.1 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 7.2 million rupees worth of shares, extending the year to date net foreign outflow to 5.53 billion rupees. 

** The rupee ended at 176.40/50 per dollar, compared with Friday’s close of 176.45/55, market sources said. 

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

** The rupee fell 0.03% last week but is up 3.51% for the year. Exporters had converted dollars as investor 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 sold a net 3.5 billion rupees worth of government securities in the week that ended on June 4, extending the island nation’s net foreign outflow to 21.9 billion rupees so far this year, central bank data showed. 

($1 = 176.3000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal; Editing by Rashmi Aich)

Sri Lanka stocks edge up from near 3-week low in thin trade; rupee lower

Reuters: ** Sri Lankan shares ended a shade firmer, snapping a four-session losing streak to edge up from the lowest close in nearly three weeks the previous session, while the rupee ended slightly weaker on mild importer dollar demand, market sources said. 

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

** Traders said the Easter Sunday bombings and violence following the attacks, and worries over slowing growth weighed on investor sentiment. Most investors have shied away from the market since the April 21 bombings that killed more than 250 people. 

** 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 central bank chief on May 31 said he expected the economy to grow by 3% or less this year due to the impact of the Easter attacks, and the bank was preparing a downward revision to its earlier projection for 4% growth. 

** The benchmark stock index ended 0.4% firmer on Friday at 5,298.18, edging up from its lowest close since May 17 on Thursday. But it fell 0.24% for the week. The bourse has declined 12.46% this year. Sri Lankan markets were closed on Wednesday for a holiday. 

** 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 on Friday. 

** Turnover was 169.5 million rupees ($961,702), less than this year’s daily average of about 535.5 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors bought a net 54.02 million rupees worth of shares on Friday, but they have been net sellers of 5.52 billion rupees worth of equities this year. 

** The rupee ended at 176.45/55 per dollar, compared with Thursday’s close of 176.35/50, market sources said. 

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

** The rupee fell 0.03% for the week but is up 3.49% for the year. Exporters had converted dollars as investor 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 716.3 million rupees worth of government securities in the week that ended on May 29, but the island nation has seen a net foreign outflow of 18.4 billion rupees this year, central bank data showed. 

** Investor sentiment was damaged at the end of last year when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move unconstitutional, but the political turmoil led to credit rating downgrades and an outflow of foreign funds. 

($1 = 176.2500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal)

Sri Lanka stocks close little changed in thin trade; rupee edges up

Reuters: ** Sri Lankan shares ended almost flat in dull trade on Thursday, but posted their lowest close in nearly three weeks, while the rupee ended slightly firmer, market sources said. 

** On Friday, the central bank cut its key interest rates to support its faltering economy as overall business and consumer confidence slumped following deadly bomb attacks in April. 

** Traders said the Easter Sunday bombings and violence following the attacks, and worries over slowing economic growth weighed on investor sentiment. Most investors have shied away from the market since the April 21 bombings that killed more than 250 people. 

** 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 central bank chief said on Friday that he expected the economy to grow by 3% or less this year due to the impact of the Easter attacks, and the bank was preparing a downward revision to its earlier projection for 4% growth. 

** The benchmark stock index ended 0.01% weaker on Thursday at 5,276.84, its lowest close since May 17. It rose 0.3% last week, recording its second straight weekly gain. The bourse has declined 12.81% so far this year. Sri Lankan markets were closed on Wednesday for a holiday. 

** 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 into”, the central bank governor said on Friday. 

** Turnover was 126.2 million rupees ($715,622.34), less than this year’s daily average of around 539.2 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 11.1 million rupees worth of shares on Thursday, extending the year-to-date net foreign outflow to 5.58 billion rupees worth of equities. 

** The rupee ended at 176.35/50 per dollar, compared with Tuesday’s close of 176.45/55, market sources said. 

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

** The rupee fell 0.06% last week but is up 3.5% for the year. Exporters had converted dollars as investor 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 716.3 million rupees worth of government securities in the week ended May 29, but the island nation saw a net foreign outflow of 18.4 billion rupees so far this year, central bank data showed. 

** Investor sentiment was damaged at the end of last year when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move unconstitutional, but the political turmoil led to credit rating downgrades and an outflow of foreign funds. 

($1 = 176.3500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal; Editing by Subhranshu Sahu)

Sri Lanka stocks extend falls to over 2-week low; rupee edges lower

Reuters: ** Sri Lankan shares fell for a third straight session on Tuesday and closed at their lowest in more than two weeks in dull trade, while the rupee ended slightly lower, market sources said. 

** On Friday, the central bank cut its key interest rates to support its faltering economy as overall business and consumer confidence slumped following deadly bomb attacks in April. 

** Traders said the Easter Sunday bombings and violence following the attacks, and worries over slowing economic growth weighed on investor sentiment. Most investors have shied away from the market since the April 21 bombings that killed more than 250 people. 

** 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 central bank chief said on Friday that he expected the economy to grow by 3% or less this year due to the impact of the Easter attacks, and the bank was preparing a downward revision to its earlier projection for 4% growth. 

** The benchmark stock index ended 0.42% weaker on Tuesday at 5,277.32. It rose 0.3% last week, recording its second straight weekly gain. The bourse has declined 12.81% so far this year. Sri Lankan markets are closed on Wednesday for a holiday. 

** 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 into”, the central bank governor said on Friday. 

** Turnover was 184.9 million rupees ($1.05 million), less than this year’s daily average of around 543.3 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 13.01 million rupees worth of shares on Tuesday, extending the year-to-date net foreign outflow to 5.57 billion rupees worth of equities. 

** The rupee ended at 176.45/55 per dollar, compared with Monday’s close of 176.40/60, market sources said. 

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

** The rupee fell 0.06% last week but is up 3.5% for the year. Exporters had converted dollars as investor 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 716.3 million rupees worth of government securities in the week ended May 29, but the island nation saw a net foreign outflow of 18.4 billion rupees so far this year, central bank data showed. 

** Investor sentiment was damaged at the end of last year when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move unconstitutional, but the political turmoil led to credit rating downgrades and an outflow of foreign funds.  

($1 = 176.4000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal; Editing by Subhranshu Sahu)

Sri Lanka tourist arrivals plunge 70-pct in May

ECONOMYNEXT – Tourist arrivals to Sri Lanka plunged 70 percent in May from a year ago after Easter Sunday’s suicide bombings but promotions and events are underway to restore the island’s image as a destination, an official said.

Sri Lanka Tourism Promotion Board (SLTPB) chairman Kishu Gomes said that with security being tightened to ensure safety for visitors the number of arrivals is expected to revive.

“Seven travel advisories have been softened,” he told a news conference held to announce the Colombo International Logistics Conference 2019 in August, billed as a forum to promote the island’s attractions as an international logistics hub.

Gomes said the logistics conference, on August 1 and 2, where about 100 foreign delegates and families are expected, would be one of several events planned in the island that would help restore its image as a popular travel destination.

There was an exodus of tourists after the April suicide attacks on churches and hotels by Islamist extremists that killed over 250 people, including foreigners, resulting in a sharp drop in hotel occupancy and affecting other sectors like food suppliers.

Gomes said arrivals fell 70 percent to 37,000 in May 2019 from a year ago.

The months of April, May and June as well as September and October are considered as Sri Lanka's off-peak tourist season when arrivals usually fall.

Tourist arrivals to Sri Lanka fell 7.5 percent to 166,975 in April this year from a year ago after the Easter Sunday bombings.

Gomes said the authorities were working to revive visits with the effort being helped by softening of travel advisories by key origin markets like Germany, India, China, the Netherlands, Norway, Switzerland and Italy.

He said there were large numbers still coming to Sri Lanka from countries which had issued travel warnings like the United Kingdom and United States as well as countries which had not issued travel advisories like the Maldives and East Asian nations.

The government will spend over 900 million rupees till the year end to promote the island as a travel destination, he said.

Sri Lanka stocks extend fall despite rate cut in thin trade; rupee steady

Reuters: ** Sri Lankan shares ended weaker on Monday, falling for the second straight session in dull trade as the market shrugged off a widely expected rate cut by the central bank while the rupee closed steady, market sources said. 

** On Friday the central bank cut its key interest rates to support its faltering economy as overall business and consumer confidence slumped following deadly bomb attacks in April. 

** Traders said the Easter Sunday bombings and violence following the attacks, and worries over slowing economic growth weighed on investor sentiment. Most investors have shied away from the market since the April 21 bombings that killed more than 250 people. 

** 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 week. A Reuters poll has forecast growth to slump to its lowest in nearly two decades this year. 

** The central bank chief said on Friday that he expected the economy to grow by 3% or less this year due to the impact of the Easter attacks, and the bank was preparing a downward revision to its earlier projection for 4% growth. 

** The benchmark stock index ended 0.22% weaker on Monday at 5,299.50. It rose 0.3% last week, recording its second straight weekly gain. The bourse has declined 12.44% so far 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 into”, the central bank governor said. 

** Turnover was 188.6 million Sri Lankan rupees ($1.07 million), less than this year’s daily average of around 546.9 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors bought a net 518,433 rupees worth of shares on Monday, extending the year-to-date net foreign outflow to 5.55 billion rupees worth of equities. 

** The rupee ended steady at 176.40/60 per dollar, compared with Thursday’s close of 176.40/55, market sources said. 

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

** The rupee fell 0.06% last week but is up 3.5% for the year. Exporters had converted dollars as investor 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 2.1 billion rupees worth of government securities in the week ended May 22, but the island nation saw a net foreign outflow of 19.1 billion rupees so far this year, central bank data showed. 

** Investor sentiment was damaged at the end of last year when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move unconstitutional, but the political turmoil led to credit rating downgrades and an outflow of foreign funds. 

($1 = 176.4000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal Editing by Frances Kerry)