Sri Lanka shares touch near 9-week closing high; rupee gains

Reuters: ** Sri Lankan shares ended firmer for a fourth straight session on Wednesday, hitting their highest close in near nine weeks, while the rupee edged up on banks’ dollar sales, market sources said. 

** The benchmark stock index ended up 0.38% at 5,411.55, its highest close since May 3. The index rose 0.16% last week and posted its first monthly gain for the year in June. 

** However, the bourse is down 10.59% so far this year. 

** Foreigners sold on a net basis for 17 sessions in 18, the bourse data showed. 

** Tuesday’s stock market turnover was 644.4 million rupees ($3.66 million), more than this year’s daily average of about 543.3 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 338.6 million rupees worth of shares on Tuesday, extending the year-to-date net foreign outflows to 7 billion rupees. 

** Meanwhile, the currency closed firmer at 176.00/10 per dollar, compared with Tuesday’s close of 176.30/40, market sources said. The rupee rose 0.17% last week, and is up 3.75% so far this year. 

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

** The island nation raised $2 billion via 5-year and 10-year sovereign bond sales last week, tapping global capital markets for the second time in three months. 

** Foreign investors bought a net 2.26 billion rupees worth of government securities in the week ended June 26, but the island nation’s net foreign outflow was at 18.4 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 = 175.9500 Sri Lankan rupees) 

(Reporting by Shihar Aneez and Ranga Sirilal)

Sri Lanka shares close at 2-week high; rupee weakens

Reuters: ** Sri Lankan shares ended firmer for a third straight session on Tuesday, hitting their highest close in two weeks, while the rupee edged down on importer dollar demand, market sources said. 

** The benchmark stock index ended up 0.27% at 5,391.21, its highest close since June 19. The index rose 0.16% last week and posted its first monthly gain for the year in June. 

** However, the bourse is down 10.92% so far this year. 

** Foreigners sold on a net basis for 16 sessions in 17, the bourse data showed. 

** Tuesday’s stock market turnover was 507.3 million rupees ($2.88 million), less than this year’s daily average of about 542.4 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 167.6 million rupees worth of shares on Tuesday, extending the year-to-date net foreign outflows to 6.7 billion rupees. 

** Meanwhile, the currency edged down to 176.30/40 per dollar, compared with Monday’s close of 176.25/35, market sources said. The rupee rose 0.17% last week, and is up 3.57% so far this year. 

** The island nation raised $2 billion via 5-year and 10-year sovereign bond sales last week, tapping global capital markets for the second time in three months. 

** Analysts expect the rupee to weaken further as money has been flowing 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 2.26 billion rupees worth of government securities in the week ended June 26, but the island nation’s net foreign outflow was at 18.4 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 = 176.3000 Sri Lankan rupees) 

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

Sri Lanka shares hit 1-1/2-week closing high; rupee strengthens

Reuters: ** Sri Lankan shares ended steady on Monday, hitting their highest close in more than a week, while the rupee edged up on dollar sales as month-end inward remittances surpassed greenback demand from importer, market sources said. 

** The benchmark stock index ended up 0.08% at 5,376.67, its highest close since June 19. The index rose 0.16% last week and posted its first monthly gain for the year in June, rising 1.15%. However, the bourse is down 11.16% so far this year. 

** Foreigners sold on a net basis for 15 sessions in 16, the bourse data showed. 

** Monday’s stock market turnover was 252.6 million rupees ($1.43 million), well below this year’s daily average of about 542.7 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 162.9 million rupees worth of shares on Monday, extending the year-to-date net foreign outflows to 6.5 billion rupees. 

** The currency edged up at 176.25/35 per dollar, compared with Friday’s close of 176.40/50, market sources said. The rupee rose 0.17% last week and is up 3.6% so far this year. 

** The island nation raised $2 billion via 5-year and 10-year sovereign bond sales last week, 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 2.26 billion rupees worth of government securities in the week ended June 26, but the island nation’s net foreign outflow was at 18.4 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 = 176.1000 Sri Lankan rupees) 

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

Expolanka, HNB Assurance, Janashakthi, Melstacorp in S&P Sri Lanka 20 Index

ECONOMYNEXT – The Colombo Stock Exchange (CSE) has included Expolanka Holdings, HNB Assurance, Janashakthi Insurance Co., and Melstacorp in the S&P Sri Lanka 20 index, which tracks the top 20 largest and most liquid stocks, in its latest revision.

They replace Ceylon Tobacco Co., Nations Trust Bank, Richard Pieris & Company and Tokyo Cement Company (Lanka) at the 2019 mid-year semiannual rebalancing of the index, the CSE said in a statement.

The exclusions and inclusions were announced by S&P Dow Jones Indices, effective from 24 June 2019, after the market close of 21 June 2019.

The S&P SL 20 index includes the 20 largest companies by total market capitalization listed on the CSE that meet minimum size, liquidity and financial viability thresholds.

The constituents are weighted by float-adjusted market capitalization, subject to a single stock cap of 15%, which is employed to reduce single stock concentration.

The stocks in the S&P Sri Lanka 20 in alphabetical order effective from 24 June 2019 are as follows.

No. COMPANY TICKER

1 Access Engineering PLC AEL.N0000

2 Aitken Spence PLC SPEN.N0000

3 Chevron Lubricants Lanka PLC LLUB.N0000

4 Commercial Bank of Ceylon PLC COMB.N0000 COMB.X0000

5 DFCC Bank PLC DFCC.N0000

6 Dialog Axiata PLC DIAL.N0000

7 Expolanka Holdings PLC EXPO.N0000

8 Hatton National Bank PLC HNB.N0000 HNB.X0000

9 HNB Assurance PLC HASU.N0000

10 Janashakthi Insurance Co. PLC JINS.N0000

11 John Keells Holdings PLC JKH.N0000

12 Lanka IOC PLC LIOC.N0000

13 Melstacorp PLC MELS.N0000

14 National Development Bank PLC NDB.N0000

15 People's Leasing & Finance PLC PLC.N0000

16 Sampath Bank PLC SAMP.N0000

17 Softlogic Holdings PLC SHL.N0000

18 Softlogic Life Insurance PLC AAIC.N0000

19 Teejay Lanka PLC TJL.N0000

20 Union Bank of Colombo PLC UBC.N0000

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)