Sri Lanka rupee extends gains; stocks rebound from 6-year low

Reuters: ** The Sri Lankan rupee closed stronger on Thursday due to dollar inflows from inward remittances ahead of the traditional new year celebrations, market sources said, while stocks snapped an eight-session losing streak to end higher. 

** The currency extended gains into a third session to end firmer at 176.10/25 to the dollar, up from Wednesday’s close of 176.20/40. 

** The rupee has climbed 1.1 percent so far this week and 3.7 percent this year as exporters converted dollars and foreign investors purchased government securities amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** Dealers expect pressure on the currency to ease with more inward remittances ahead of the traditional Sinhala-Hindu New Year on April 14. 

** Sri Lanka was plunged into political turmoil in October when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as premier. 

** Investor sentiment took a big hit as a result of the 51-day political crisis, leading to credit rating downgrades and an outflow of foreign funds from government securities. 

** The island nation is struggling to repay its foreign loans, with a record $5.9 billion due this year, including $2.6 billion in the first three months. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors bought a net 3.5 billion rupees worth of government securities in the week ended March 19, the third net inflow in five weeks, turning year-to-date net foreign buying to 1.8 billion rupees, the latest central bank data showed. 

** The Colombo Stock Exchange index ended 0.81 percent firmer at 5,556.28 on Thursday, edging up from their lowest since Dec. 18, 2012, hit in the previous session. 

** The benchmark stock index slipped 1.36 percent last week, recording its seventh consecutive weekly drop. The index has declined 8.2 percent so far this year. 

** The market awaits for some positive news from the third and final vote on the 2019 budget scheduled for April 5, market sources said. 

** Turnover was 457.8 million rupees ($2.60 million), less than this year’s daily average of 656.6 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors sold a net 46.8 million rupees worth of shares on Thursday, extending the year-to-date foreign outflows to 6.21 billion rupees worth of equities so far this year. 

** The latest budget aims to increase government spending by 13 percent in 2019, during which the presidential election must be held, while it has set an ambitious goal to reduce a large fiscal deficit.

($1 = 176.1000 Sri Lankan rupees) 

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

Sri Lanka rupee firmer on dollar sales; stocks steady

Reuters: ** The Sri Lankan rupee ended stronger on Wednesday on banks’ dollar sales from inward remittances ahead of the traditional new year celebrations, market sources said. 

** The currency ended 0.6 percent firmer at 176.20/40 to the dollar, up from Tuesday’s close of 177.40/60. 

** The rupee has climbed 1 percent so far this week and 3.63 percent this year as exporters converted dollars and foreign investors purchased government securities amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** Dealers expect pressure on the currency to ease with more inward remittances ahead of the Sinhala-Hindu New Year on April 14. 

** Sri Lanka was plunged into political turmoil in October when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as premier. 

** Investor sentiment took a big hit as a result of the 51-day political crisis, leading to credit rating downgrades and an outflow of foreign funds from government securities. 

** The island nation is struggling to repay its foreign loans, with a record $5.9 billion due this year, including $2.6 billion in the first three months. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors bought a net 3.5 billion rupees worth of government securities in the week ended March 19, the third net inflow in five weeks, turning year-to-date net foreign buying to 1.8 billion rupees, the latest central bank data showed. 

** The Colombo Stock Exchange index ended down 0.03 percent at 5,511.77 on Wednesday, their lowest since Dec. 18, 2012. Shares ended weaker for an eighth straight session, dragged down by large-cap stocks. 

** The benchmark stock index slipped 1.36 percent last week, recording its seventh consecutive weekly drop. The index has declined 8.93 percent so far this year. 

** The market awaits for some positive news from the third and final vote on the 2019 budget scheduled for April 5, market sources said. 

** Turnover was 165 million rupees ($937,233.74), its lowest since Feb. 14 and well below this year’s daily average of 660.2 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors sold a net 58.8 million rupees worth of shares on Wednesday, extending the year-to-date foreign outflows to 6.2 billion rupees worth of equities so far this year. 

** The latest budget aims to increase government spending by 13 percent in 2019, during which the presidential election must be held, while it has set an ambitious goal to reduce a large fiscal deficit. 

** The stability of Prime Minister Ranil Wickremesinghe’s government has been questioned by the opposition since he was reinstated after a 51-day political crisis. 

($1 = 176.0500 Sri Lankan rupees) 

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

Sri Lanka shares end in the red as telcos weigh; rupee firmer

Reuters: ** Sri Lankan shares closed at their lowest in more than six years on Tuesday, ending weaker for a seventh straight session, dragged down by telecommunication and banking stocks. 

** The market awaits for some positive news from the third and final vote on the 2019 budget scheduled for April 5, market sources said. 

** The Colombo Stock Exchange index ended down 0.29 percent at 5,513.67, its lowest close since Dec. 19, 2012. 

** The benchmark stock index slipped 1.36 percent last week, recording its seventh consecutive weekly drop. The index has declined 8.64 percent so far this year. 

** Turnover was 311.5 million rupees ($1.76 million), less than half of this year’s daily average of 669.2 million rupees. Last year’s daily average of 834 million rupees. 

** Foreign investors sold a net 36.6 million rupees worth of shares on Tuesday, extending the year-to-date foreign outflow to 6.1 billion rupees worth of equities so far this year. 

** The latest budget aims to increase government spending by 13 percent in 2019, during which presidential election must be held, while it has set an ambitious goal to reduce a large fiscal deficit. 

** The stability of Prime Minister Ranil Wickremesinghe’s government has been questioned by the opposition since he was reinstated after a 51-day political crisis. 

** The rupee ended firmer at 177.40/60 to the dollar on greenback selling by some banks on behalf of inward remittances and exporter conversions. It had closed at 178.10/20 on Monday. 

** The rupee has climbed 2.93 percent this year as exporters converted dollars and foreign investors purchased government securities amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** Worries over heavy debt repayment after the 51-day political crisis resulted in a series of credit-rating downgrades, which dented sentiment as the country struggled to repay its foreign loans. 

** Sri Lanka is struggling to repay its foreign loans, with a record $5.9 billion due this year, including $2.6 billion in the first three months. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors bought a net 3.5 billion rupees worth of government securities in the week ended March 19, the third net inflow in five weeks, turning year-to-date net foreign buying to 1.8 billion rupees, the latest central bank data showed.

($1 = 177.2500 Sri Lankan rupees) 

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

Sri Lanka shares extend losses; rupee weakens

Reuters: ** Sri Lankan shares ended lower for a sixth straight session on Monday, posting their lowest close in more than six years, dragged down by diversified shares such as conglomerate John Keells Holdings Plc. 

** The market awaits cues from the third and final vote on the 2019 budget scheduled for April 5, market sources said. 

** The Colombo Stock Exchange index ended down 0.19 percent to 5,529.67, its lowest close since Dec. 24, 2012. 

** The benchmark stock index dropped 1.36 percent last week, recording its seventh straight weekly drop. The index has declined 8.64 percent so far this year. 

** Turnover was 268.4 million rupees ($1.51 million), well below last year’s daily average of 834 million rupees. 

** Foreign investors sold a net 53.8 million rupees worth of shares on Monday, extending the year-to-date foreign outflow to 6.1 billion rupees worth of equities so far this year. 

** The government aims to increase spending by 13 percent in 2019, during which the elections must be held, while it has set an ambitious goal to reduce a large fiscal deficit. ** The stability of Prime Minister Ranil Wickremesinghe’s government has been questioned by the opposition since he was reinstated after a 51-day political crisis. 

** The rupee ended slightly weaker at 178.10/20 to the dollar on greenback demand by some banks. It had closed at 178.00/10 on Friday. 

** The rupee has climbed 2.53 percent this year as exporters converted dollars and foreign investors purchased government securities amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** Worries over heavy debt repayment after the 51-day political crisis resulted in a series of credit-rating downgrades, which dented investor sentiment as the country struggled to repay its foreign loans. 

** Sri Lanka is struggling to repay its foreign loans, with a record $5.9 billion due this year, including $2.6 billion in the first three months. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors bought a net 3.5 billion rupees worth of government securities in the week ended March 19, the third net inflow in five weeks, turning year-to-date net foreign buying to 1.8 billion rupees, the latest central bank data showed. 

($1 = 178.0500 Sri Lankan rupees) 

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

Sri Lanka shares fall for 5th session; rupee slightly weaker

Reuters: ** Sri Lankan shares fell for the fifth straight session on Friday and posted their lowest close in more than six years, dragged by telecom stocks, but foreign investors’ buying capped the decline. 

** The market now awaits cues from the third and final vote on the 2019 budget, market sources said. 

** The Colombo Stock Exchange index fell 0.56 percent to 5,540.05, its lowest close since Dec. 24, 2012. 

** The benchmark stock index fell 1.36 percent for the week, its seventh straight weekly drop. It has declined 8.46 percent so far this year. 

** Turnover was 522.7 million rupees ($2.94 million), less than last year’s daily average of 834 million rupees. 

** Foreign investors bought a net 141.7 million rupees worth of shares on Friday, but they have been net sellers of 6 billion rupees worth of equities so far this year. 

** Parliament last week passed the second reading of the 2019 budget that raises spending while setting an ambitious goal to reduce a large fiscal deficit. The final vote is scheduled for April 5. 

** The stability of Prime Minister Ranil Wickremesinghe’s government has been questioned by the opposition since he was reinstated after a 51-day political crisis. 

** The rupee ended slightly weaker at 178.00/10 to the dollar on greenback demand by some banks. It had closed at 177.90/178.10 on Thursday. 

** The rupee has climbed 2.58 percent this year as exporters converted dollars and foreign investors purchased government securities amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** Worries over heavy debt repayment after the 51-day political crisis that resulted in a series of credit-rating downgrades dented investor sentiment as the country struggled to repay its foreign loans. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors bought a net 1.16 billion rupees worth of government securities in the week ended March 13, the second net inflow in four weeks, but they have sold a net 1.7 billion rupees this year, the latest central bank data showed. 

($1 = 178.0000 Sri Lankan rupees) 

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

Sri Lanka shares fall for 4th session; rupee ends firmer

Reuters: ** Sri Lanka’s share index fell for a fourth straight session on Thursday to a more than 6-year closing low as investors exited the island nation’s risky assets, while they awaited cues from the third and final vote on the 2019 budget, market sources said. 

** The Colombo Stock Exchange index fell 0.36 percent to 5,571.30, hovering near its lowest close since Dec. 26, 2012. 

** The benchmark stock index fell 1.85 percent last week, recording its sixth straight weekly drop. It has declined 7.95 percent so far this year. 

** Turnover was 844.3 million rupees ($4.74 million), more than last year’s daily average of 834 million rupees. 

** Foreign investors bought a net 1.7 million rupees worth of shares on Thursday but they have been net sellers of 6.15 billion rupees worth of equities so far this year. 

** Parliament last week passed the second reading of the 2019 budget that raises spending while setting an ambitious goal to reduce a large fiscal deficit. The final vote is scheduled for April 5. 

** The stability of Prime Minister Ranil Wickremesinghe’s government has been questioned by the opposition since he was reinstated after a 51-day political crisis. 

** The rupee ended firmer at 177.90/178.10 to the dollar on greenback selling by some banks, compared with Tuesday’s close of 178.40/50. Markets were closed on Wednesday for a public holiday. 

** The rupee has climbed 2.64 percent this year as exporters converted dollars and foreign investors purchased government securities amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** Worries over heavy debt repayment after the 51-day political crisis that resulted in a series of credit-rating downgrades dented investor sentiment as the country struggled to repay its foreign loans. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors bought a net 1.16 billion rupees worth of government securities in the week that ended on March 13, the second net inflow in four weeks, but they have sold a net 1.7 billion rupees this year, the latest central bank data showed. 

($1 = 177.9500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Shreejay Sinha)

Sri Lanka shares fall to more than 6-year low on foreign selling; rupee weaker

Reuters: ** Sri Lanka’s share index fell for the third straight session on Tuesday to a more than 6-year closing low in light trading volume with foreign investors on the selling side, as the market awaits direction from the third and final vote on the 2019 budget, market sources said. 

** Parliament last week passed the second reading of the 2019 budget that raises spending while setting an ambitious goal to reduce a large fiscal deficit. The final vote is scheduled for April 5. 

** The stability of Prime Minister Ranil Wickremesinghe’s government has been questioned by the opposition since he was reinstated after a 51-day political crisis. 

** The Colombo Stock Exchange index fell 0.42 percent to 5,591.67, hovering near its lowest close since Dec. 26, 2012. 

** The benchmark stock index fell 1.85 percent last week, recording its sixth straight weekly drop. It has declined 7.6 percent this year. 

** Turnover was 291.3 million rupees ($1.63 million), well below last year’s daily average of 834 million rupees. 

** Foreign investors sold a net 182.6 million rupees worth of shares, extending the year-to-date net foreign outflow of 6.15 billion rupees worth of equities. 

** The rupee ended weaker at 178.40/50 to the dollar on demand for dollars from some foreign banks, compared with Monday’s close of 178.25/40. 

** The rupee has climbed 2.35 percent this year as exporters converted dollars and foreign investors purchased government securities amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** Worries over heavy debt repayment after the 51-day political crisis that resulted in a series of credit-rating downgrades denting investor sentiment as the country struggled to repay its foreign loans. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors bought a net 1.16 billion rupees worth of government securities in the week that ended on March 13, the second net inflow in four weeks, but they have sold a net 1.7 billion rupees this year, the latest central bank data showed. 

($1 = 178.4000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez Editing by Robert Birsel)