Sri Lanka stocks hit near 3-month high as foreign inflows surge; rupee slips

Reuters: ** Sri Lankan shares gained for the fifth straight session on Monday to hit a nearly three-month closing high, as foreign fund inflows hit a more than seven-year high due to a block deal, while the rupee ended marginally lower. 

** Foreign inflows hit their highest in more than seven years, after Singapore-registered LOLC Pvt Ltd bought shares of LOLC Finance Plc, accounting for 90% of the day’s turnover. Shares in LOLC Finance Plc, however, ended 2.63% down.

** In a disclosure to the bourse, LOLC Holdings Plc said its subsidiary registered in Singapore LOLC Pvt Ltd bought 62.26% of LOLC Fiance Plc shares held by LOLC Holdings Plc, amounting to 8.89 billion rupees to facilitate internal restructuring of the holding of LOLC Finance Plc. 

** Foreign investors bought a net 8.71 billion rupees ($49.60 million) worth of shares on Monday, reversing the year-to-date net foreign trade to net inflow of 1.43 billion rupees, index data showed.

** The benchmark stock index gained 0.31% to 5,587.36, its highest close since April 18. 

** The index rose 1% last week, its third consecutive weekly gain. So far this year, the index is down about 8%.

** The central bank left key interest rates unchanged on Thursday as expected, after cutting them in May to support the economy as tourism and investment plummeted in the wake of deadly suicide bombings in April. 

** Shares in Dialog Axiata Plc jumped 3.06% on Monday, Hemas Holdings Plc ended 4.57% firmer and LOLC Holdings Plc closed up 1.27%.

** Stock market turnover was 9.35 billion rupees ($53.25 million), its highest since March 28, 2018 and well above this year’s daily average of about 609.6 million rupees. Last year’s daily average came in at 834 million rupees. 

** Meanwhile, the currency closed a tad weaker at 175.65/75 per dollar, compared with Friday’s close of 175.45/55, as importer demand for the greenback surpassed dollar selling by banks. The rupee rose 0.37% last week, and is up 3.96% 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 month, tapping global capital markets for the second time in three months. 

** Foreign investors bought a net 2.68 billion rupees worth of government securities in the week ended July 10, but the market has seen a year-to-date net foreign outflow to 19.73 billion rupees, the central bank data showed. 

($1 = 175.6000 Sri Lankan rupees) 

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

Sri Lanka shares rise for 4th session; rupee edges lower

Reuters: ** Sri Lankan shares rose for the fourth straight session on Friday to a more than 12-week closing high, a day after the central bank kept its key policy rates steady.

** The central bank left key interest rates unchanged on Thursday as expected, after cutting them in May to support the economy as tourism and investment plummeted in the wake of deadly suicide bombings in April. 

** The benchmark stock index gained 0.16% to 5,569.94, its highest close since April 18. 

** The index rose 1% for the week, its third consecutive weekly gain, as investor sentiment was buoyed by the government’s decision to launch a $2.2 billion Japan-funded Light Railway Transit (LRT) project and some other stalled infrastructure projects, brokers said. So far this year, the index is down about 8%. 

** Shares in Dialog Axiata Plc jumped 4.21%, Ceylon Cold Stores Plc ended 4.72% firmer, Hatton National Bank Plc closed up 3.76% and Lion Brewery Plc rose 3.64%. 

** Stock market turnover was 365 million rupees ($2.08 million), below this year’s daily average of about 540.8 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors sold a net 2.2 million rupees worth of shares on Friday, extending the year-to-date net foreign outflow to 7.29 billion rupees, index data showed. 

** The government’s launch of central highway and light railway projects helped lift hopes that the country’s transformation would result in a faster economic growth rate, stockbrokers said. 

** Sri Lanka is unlikely to hit its full-year economic growth target of 3-4% following Easter Sunday bombings and a Reuters poll has forecast growth to slump to its lowest in nearly two decades this year. 

** Meanwhile, the currency closed a tad weaker at 175.45/55 per dollar, compared with Thursday’s close of 175.35/45, as importer demand for the greenback surpassed dollar selling by banks. The rupee rose 0.37% for the week, and is up 4.08% 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 month, tapping global capital markets for the second time in three months. 

** Foreign investors bought a net 2.68 billion rupees worth of government securities in the week ended July 10, but the market has seen a year-to-date net foreign outflow to 19.73 billion rupees, the central bank data showed. 

($1 = 175.4000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)

Sri Lanka shares rise to 12-week closing high; rupee firmer

Reuters: ** Sri Lankan shares rose for the third straight session on Thursday to a 12-week closing high, as investors bought diversified and telecom stocks ahead of a key policy rates announcement later in the day.

** Sri Lanka’s central bank is expected to leave its key interest rates unchanged on Thursday, a Reuters poll showed, after cutting them in May to support the economy as tourism and investment plummeted in the wake of Easter Sunday bombings.

** The benchmark stock index hit its highest close since April 18 on Wednesday, buoyed by the government’s decision to launch a $2.2 billion Japan-funded Light Railway Transit (LRT) project and some other stalled infrastructure projects, brokers said. 

** The index ended up 0.71% at 5,561.28. It rose 2.67% last week, notching its second consecutive weekly gain. However, it is down 8.11% so far this year. 

** Shares in conglomerate John Keells Holdings Plc jumped 3.42%, LOLC Holdings Plc ended 5.92% firmer, Sri Lanka Telecom Plc closed up 6.33% and Dialog Axiata Plc rose 3.23%. 

** Stock market turnover was 523 million rupees ($2.98 million), slightly below this year’s daily average of about 542.2 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors sold a net 44.8 million rupees worth of shares on Thursday, extending the year-to-date net foreign outflow to 7.29 billion rupees, index data showed. 

** The government’s launch of central highway and light railway projects helped lift hopes that the country’s transformation would result in a faster economic growth rate, stockbrokers said. 

** Sri Lanka is unlikely to hit its full-year economic growth target of 3-4% following Easter Sunday bombings and a Reuters poll has forecast growth to slump to its lowest in nearly two decades this year. 

** Meanwhile, the currency closed firmer at 175.35/45 per dollar, compared with Wednesday’s close of 175.50/60, as dollar sales by banks surpassed importer greenback demand. The rupee rose 0.17% last week, and is up 4.13% 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 month, tapping global capital markets for the second time in three months. 

** Foreign investors sold a net 3.93 billion rupees worth of government securities in the week ended July 3, extending the year-to-date net foreign outflow to 22.4 billion rupees, 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. 

($1 = 175.3000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal; Editing by Subhranshu Sahu)

Sri Lanka shares post near 12-week closing high; rupee firmer

Reuters: ** Sri Lankan shares rose for the second straight session on Wednesday to a near 12-week closing high, as investors bought diversified stocks ahead of a key policy rates announcement later this week. 

** Sri Lanka’s central bank is expected to leave its key interest rates unchanged on Thursday, a Reuters poll showed, after cutting them in May to support the economy as tourism and investment plummeted in the wake of Easter Sunday bombings. 

** The benchmark stock index hit its highest close since April 18 on Wednesday, buoyed by the government’s decision to launch a $2.2 billion Japan-funded Light Railway Transit (LRT) project and some other stalled infrastructure projects, brokers said. 

** The index ended up 0.13% to 5,521.83. It rose 2.67% last week, notching its second consecutive weekly gain. However, it is down 8.77% so far this year. 

** Shares in Lion Brewery Plc rose 7.21%, Hemas Holdings Plc ended 8.21% firmer and conglomerate John Keells Holdings Plc ended up 0.07%. 

** Stock market turnover was 548.3 million rupees ($3.13 million), in line with this year’s daily average of about 542.3 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors sold a net 267.6 million rupees worth of shares on Wednesday, extending the year-to-date net foreign outflow to 7.24 billion rupees, the index data showed. 

** The government’s launch of central highway and light railway projects helped lift hopes that the country’s transformation would result in a faster economic growth rate, stockbrokers said. 

** Sri Lanka is unlikely to hit its full-year economic growth target of 3-4% following Easter Sunday bombings and a Reuters poll has forecast growth to slump to its lowest in nearly two decades this year. 

** Meanwhile, the currency closed firmer at 175.50/60 per dollar, compared with Tuesday’s close of 175.70/80, as dollar sales by banks surpassed importer greenback demand. The rupee rose 0.17% last week, and is up 4.04% 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 month, tapping global capital markets for the second time in three months. 

** Foreign investors sold a net 3.93 billion rupees worth of government securities in the week ended July 3, extending the year-to-date net foreign outflow to 22.4 billion rupees, 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. 

($1 = 175.3000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)

Sri Lanka shares hover near 11-week closing high; rupee firmer

Reuters: ** Sri Lankan shares closed slightly firmer on Tuesday, hovering near an 11-week closing high hit last week, as investors bought banking stocks ahead of a key policy rates announcement later this week. 

** Sri Lanka’s central bank is expected to leave its key interest rates unchanged on Thursday, a Reuters poll showed, after cutting them in May to support the economy as tourism and investment plummeted in the wake of Easter Sunday bombings.

** The benchmark stock index hit its highest close since April 18 on Friday, buoyed by the government’s decision to launch a $2.2 billion Japan-funded Light Railway Transit (LRT) project and some other stalled infrastructure projects, brokers said.

** The index ended up 0.18% at 5,514.40 on Tuesday. It rose 2.67% last week, notching its second consecutive weekly gain. However, it is down 8.9% so far this year. 

** Shares in Melstacorp Ltd rose 6.4%, while DFCC Bank Plc ended 9.52% firmer. 

** Stock market turnover was 550.1 million rupees ($3.13 million), in line with this year’s daily average of about 542.2 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors sold a net 63.8 million rupees worth of shares on Tuesday, extending the year-to-date net foreign outflow to 6.97 billion rupees, the index data showed.

** The government’s launch of central highway and light railway projects helped lift hopes that the country’s transformation would result in a faster economic growth rate, stockbrokers said.

** Sri Lanka is unlikely to hit its full-year economic growth target of 3-4% following Easter Sunday bombings and a Reuters poll has forecast growth to slump to its lowest in nearly two decades this year.

** Meanwhile, the currency closed firmer at 175.70/80 per dollar, compared with Monday’s close of 176.05/15, as dollar sales by banks surpassed importer greenback demand. The rupee rose 0.17% last week, and is up 3.93% 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 month, tapping global capital markets for the second time in three months.

** Foreign investors sold a net 3.93 billion rupees worth of government securities in the week ended July 3, extending the year-to-date net foreign outflow to 22.4 billion rupees, 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.

($1 = 175.6000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)

Sri Lanka shares slip from 11-week closing high; rupee edges higher

Reuters: ** Sri Lankan shares inched lower on Monday, retreating after six straight sessions of gains to a near 11-week closing high, as investors sold diversified stocks such as John Keells Holdings Plc. 

** The bourse hit its highest close since April 18 on Friday, buoyed by the government’s decision to launch a $2.2 billion Japan-funded Light Railway Transit (LRT) project and some other stalled infrastructure projects, brokers said. 

** The benchmark stock index ended 0.2% down at 5,504.60. 

** The index rose 2.67% last week, notching its second consecutive weekly gain. However, the bourse is down 8.87% so far this year. 

** Shares in conglomerate John Keells Holdings fell 1.8%, while Ceylon Tobacco Company Plc ended 1.5% weaker and Commercial bank of Ceylon Plc, the country’s biggest listed lender, lost 1.8%. 

** Stock market turnover was 136.3 million rupees ($773,992), well below this year’s daily average of about 542.2 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreigners bought on a net basis for the second time in 13 sessions, purchasing a net 15.1 million rupees worth of shares, but the bourse has seen net foreign outflows of 6.91 billion rupees so far this year, the index data showed. 

** The government’s launch of central highway and light railway projects helped lift hopes that the country’s transformation would result in a faster economic growth rate, stockbrokers said. 

** Sri Lanka is unlikely to hit its full-year economic growth target of 3-4% following Easter Sunday bombings and a Reuters poll has forecast growth to slump to its lowest in nearly two decades this year. 

** Meanwhile, the currency closed slightly firmer at 176.05/15 per dollar, compared with Friday’s close of 176.10/15, as exporter dollar sales surpassed importer greenback demand. The rupee rose 0.17% last week, and is up 3.72% 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 month, tapping global capital markets for the second time in three months. 

** Foreign investors sold a net 3.93 billion rupees worth of government securities in the week ended July 3, extending the year-to-date net foreign outflow to 22.4 billion rupees, 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. 

($1 = 176.1000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)

Sri Lanka shares end at 11-week high; foreign buying boosts turnover

Reuters: ** Sri Lankan shares extended gains on Friday to hit their highest close in 11 weeks, boosted by foreign inflows into equities, while the rupee ended weaker. 

** Foreigners bought on a net basis for the first time in 12 sessions, purchasing a net 85.3 million rupees worth of shares on Friday, but the bourse saw net foreign outflows to 6.92 billion rupees so far this year, the index data showed. 

** The Sri Lankan government's decision to launch a $2.2 billion Japanese-funded Light Railway Transit (LRT) project and some other stalled infrastructure projects also boosted investor sentiment, brokers said. 

** The benchmark stock index ended up 0.12% at 5,515.81, its highest close since April 18. 

** The index rose 2.67% for the week, notching its second consecutive weekly gain. However, the bourse is down 8.87% so far this year. 

** Stock market turnover on Friday was 505 million rupees ($2.87 million), less than this year's daily average of about 545.5 million rupees. Last year's daily average came in at 834 million rupees. 

** The government's launch of central highway and light railway projects helped lift hopes that the country's transformation would result in a faster economic growth rate, stockbrokers said. 

** Sri Lanka is unlikely to hit its full-year economic growth target of 3-4% following Easter Sunday bombings and a Reuters poll has forecast growth to slump to its lowest in nearly two decades this year. 

** Meanwhile, the currency closed a tad weaker at 176.10/15 per dollar, compared with Thursday's close of 176.00/25, as importer dollar demand surpassed banks' greenback sales. The rupee rose 0.17% for the week, and is up 3.69% 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. 

($1 = 176.0500 Sri Lankan rupees) 

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

Sri Lanka shares surge as govt flags projects; rupee steady

Reuters: ** Sri Lankan shares ended firmer on Thursday, touching their highest intraday gain in more than eight months, a day after the government launched a $2.2 billion Japanese-funded project, boosting investor sentiment; while the rupee ended steady. 

** The benchmark stock index jumped 1.8% to its highest percentage gain since Nov. 1, 2018. The bourse ended up at 5,508.97, its highest close since April 18. 

** The index rose 0.16% last week and posted its first monthly gain for the year in June. However, the bourse is down 8.98% so far this year. 

** The launch of the Light Railway Transit (LRT) project late Wednesday lifted real-estate stocks, with Access engineering ending 4.11% higher, while Property Development PlC closing 4.79% firmer. 

** The biggest gainers in the index were diversified and banking stocks. Shares in Distillers Company of Sri Lanka rose 10.39%, while conglomerate John Keells Holdings Plc ended 1.54% stronger. 

** Foreigners sold on a net basis for 18 sessions in 19, selling a net 3.5 million rupees worth of shares on Thursday and extending the year-to-date net foreign outflows to 7.01 billion rupees, the bourse data showed. 

** Stock market turnover on Thursday was 858.1 million rupees ($4.88 million), well above this year's daily average of about 545.9 million rupees. Last year's daily average was 834 million rupees. 

** The government's plan to launch central highway and light railway projects  helped lift hopes that the country's transformation would result in a faster economic growth rate, stockbrokers said. 

** Sri Lanka is unlikely to hit its full-year economic growth target of 3-4% following Easter Sunday bombings and a Reuters poll has forecast growth to slump to its lowest in nearly two decades this year. 

** Meanwhile, the currency closed steady at 176.00/25 per dollar as banks' dollar sales offset the importer greenback demand. 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.

($1 = 176.0000 Sri Lankan rupees) 

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

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