Sri Lankan shares steady at near 3-month low

Reuters: Sri Lankan shares closed steady on Thursday, after three straight losing sessions, as gains led by financials were offset by losses in mid-cap stocks.

The Colombo Stock Index firmed 0.03 percent at 6,382.95, hovering around a near three-month closing low hit in the previous session.

Sampath Bank and Commercial Bank of Ceylon gained 1.3 percent and 0.2 percent, respectively, while shares in Asian Hotels and Properties Plc fell 6.7 percent.

“We see a typical year-end market. Foreign investor interest continues,” said Hussain Gani, deputy CEO at Softlogic Stockbrokers.

Foreign trade accounted for 56 percent of the day’s turnover worth 986 million rupees ($6.43 million), higher than this year’s daily average of 944.4 million rupees.

Foreign investors, who have been net buyers of 18.57 billion rupees worth of shares so far this year, were net sellers of equities worth 37.5 million rupees on Thursday.

Worries over a delay in local council polls and a lack of clarity over the budget and two other key policy measures weighed on sentiment, analysts said.

The Election Commission said on Monday that the council polls would be held before Feb. 17, amid concerns over political stability as coalition partners in President Maithripala Sirisena’s government had decided to contest separately in the council polls.

Investors are also seeking more clarity on new taxes imposed in the 2018 budget presented last month, analysts said, adding there could be some amendments before the final budget vote scheduled for Dec. 9. 

($1 = 153.3500 Sri Lankan rupees) 

(Reporting by Shihar Aneez and Ranga Sirilal; Editing by Amrutha Gayathri)

Sri Lanka tourist arrivals edges up in November

LBO - Sri Lanka tourist arrivals rose 0.2 percent to 167,511 in November from a year earlier amid subdued growth in the main Indian and Chinese markets.

Arrivals in the first eleven months of the year were up 2.5 percent to 1.87 million arrivals, data from the state Tourism Development Authority showed.

Indian visitors were up 6.9 percent to 32,243 in November while total Indian visitors for the first 11 months were up 5.7 percent to 336,840.

Chinese visitors were up 3.5 percent to 19,237 in November while total Chinese visitors for the first 11 months were down 1.0 percent to 249,718.

Middle Eastern markets also showed a decline of 30.4 percent in the month of November while visitors from Australasia were up 22.8 percent to 7,613 in the month.

Arrivals from UK rose 2.2 percent while arrivals from Germany dropped 11.5 percent in the month of November.

Sri Lanka Treasuries yields fall again

ECONOMYNEXT – Sri Lankan Treasury Bill yields fell across maturities at an auction Wednesday with the 03-month bill yield down 23 basis points to 7.97 percent from 8.20 percent at the last auction.

The public debt department of the central bank said the 06-month Treasury Bill yield fell 12 basis points to 8.76 percent at from 8.88 percent at the last auction.

The 01-year bill yield fell 10 basis points to 9.34 percent from 9.44 percent at the last auction.

The statement said the public debt department got bids worth Rs79.8 billion and accepted bids worth Rs17 billion.