Sri Lankan stocks fall for 4th straight session

Reuters: Sri Lankan shares fell for a fourth straight session on Wednesday, as investors offloaded stocks of beverages and oil palm companies, while a block deal pushed up turnover.

The Colombo Stock Index ended 0.06 percent weaker at 6,321.36, its lowest close since April 11. The index was down 0.4 percent last week, its sixth consecutive weekly decline.

“Today is also a very dull day. But a block deal pushed the turnover,” said Atchuthan Srirangan, senior research analyst at First Capital Holdings PLC.

“The dull sentiment will continue with the holidays ahead.”

Sampath Bank Plc, which announced a rights issue to increase its tier 1 capital to comply with Basel III requirements, dropped 1.4 percent. Nestle Lanka Plc fell 2 percent.

Turnover stood at 897.3 million rupees ($5.86 million), less than this year’s daily average of 933.3 million rupees.

Foreign investors net sold 79.6 million rupees worth of shares on Wednesday, but they have net bought 18.3 billion rupees worth of equities so far this year. 

($1 = 153.0000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal; Editing by Biju Dwarakanath)

Sri Lanka buys aviation fuel from LIOC to meet rising demand

ECONOMYNEXT – Sri Lanka’s state-owned refiner Ceylon petroleum Corporation has bought 14,000 metric tonnes of aviation fuel from the local unit of Indian Oil Corporation to maintain stocks owing to a hike in demand.

The Ministry of Petroleum Resource Development said in a statement the fuel, bought from Lanka IOC, was being unloaded and had met the required quality standards.

The tanker which brought the stock of fuel had berthed on December 10.

The first sample drawn to test the fuel did not meet the required quality levels, apparently because of rust, the statement said.

But a second sample drawn on December 17 met the standard as the rust had settled in the hold, it said.

Nathan Sivagananathan on Sri Lanka’s Dunamis Capital Board

ECONOMYNEXT – Sri Lanka’s Dunamis Capital, which has interests in financial services and real estate, has announced the appointment of Nathan Sivagananathan as a director of its board with effect from 18th December 2017.

Sivagananathanis is an entrepreneur and Chief Growth Officer and a member of the board of a leading apparel company, a statement said.

He holds a BSc. in Engineering Management from the University of Hertfordshire, UK and has completed the Advanced Management Program at Harvard University, USA.

Sivagananathan an active angel investor in the island, trying to uplift startups and take them global.

Sri Lanka 03-month Treasury Bill yield falls to 7.69-pct

ECONOMYNEXT – Sri Lankan Treasury Bills yields fell across maturities at an auction Wednesday with the 03-month bill yield falling 28 basis points to 7.69 percent from the previous auction.

The central bank’s public debt department said the 06-month bill yield fell 08 basis points to 8.40 percent at the auction from 8.48 percent last week.

The 01-year bill yield fell 12 basis points to 8.92 percent from 9.04 percent last week, it said.

The public debt department got bids worth Rs36.4 billion and accepted bids worth Rs14.5 billion.