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)

Sri Lanka stocks fall; rupee ends steady as bond sale attracts dollars

Reuters: ** Sri Lanka shares fell for the fourth straight session on Tuesday to hit a two-week low on foreign outflows, while rupee ended steady buoyed by dollar inflows into two new sovereign bonds launched a day ago, market sources said. 

** The island nation raised $2 billion via 5-year and 10-year sovereign bond sales launched on Monday, its central bank said on Tuesday, tapping global capital markets for the second time in three months. 

** The currency touched a high of 176.05 early in the day and ended steady at 176.45/55 per dollar, compared with Monday’s close as the exporter dollar sales offset the importer greenback demand, market sources said. The rupee is up 3.4% for the year. 

** Analysts, however, still 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. 

** Meanwhile, Sri Lankan benchmark stock index fell for the fourth straight session on Tuesday and ended 0.22% weaker at 5,342.49, its lowest closing level since June 11. It fell 0.38% last week and is down 11.73% so far this year. 

** Foreigners sold on a net basis for the 11th session out of the last 12, the bourse 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. 

** Tuesday’s stock market turnover was 1.6 billion rupees ($9.07 million), nearly three time this year’s daily average of about 552.8 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 174 million rupees worth of shares on Tuesday, extending the year-to-date net foreign outflow to 6.23 billion rupees. 

($1 = 176.3500 Sri Lankan rupees) 

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

Sri Lanka rupee edges higher on sovereign bond launch; stocks fall

Reuters: ** Sri Lanka rupee rose on Monday buoyed by hopes of dollar inflows into two sovereign bonds launched earlier in the day, while shares fell for the third straight session to hit a near two-week low on foreign outflows, market sources said. 

** The island nation launched the sale of 5-year and 10-year sovereign bonds, a senior government official told Reuters, aiming to tap global capital markets for the second time in three months. 

** The currency ended at 176.45/55 per dollar, compared with Friday’s close of 176.70/80, market sources said. The rupee is up 3.4% for the year. 

** Analysts, however, still 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. 

** Meanwhile, Sri Lankan benchmark stock index ended 0.17% weaker at 5,354.53, its lowest closing level since June 11. It fell 0.38% last week and is down 11.53% so far this year. 

** Foreigners sold on a net basis for the 10th session out of the last 11, the bourse data showed. 

** Sri Lanka’s economy picked up to 3.7% in the first quarter of 2019, government data showed on Wednesday. But investors shrugged off better-than-expected growth as full-year growth is expected to slow after the Easter Sunday attack. 

** Sri Lanka is in talks with the Beijing-backed Asian Infrastructure Investment Bank for a $1 billion dollar loan, the finance ministry said. 

** 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. 

** Friday’s stock market turnover was 261.5 million rupees ($1.48 million), less than this year’s daily average of about 543.9 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 131 million rupees worth of shares on Monday, extending the year-to-date net foreign outflow to 6.06 billion rupees. 

 

($1 = 176.4000 Sri Lankan rupees) 

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

Sri Lanka stocks extend fall to hit over 1-week low; rupee steady

Reuters: ** Sri Lankan shares fell for the second straight session on Friday to hit a more than one-week low, due to continued foreign fund outflows, while the rupee ended steady as dollar demand from importers offset exporters’ greenback sales. 

** The benchmark stock index ended 0.17% weaker at 5,363.50, its lowest closing level since June 11. For the week, it fell 0.38%. It has dropped 11.38% so far this year. 

** Sri Lanka’s economy picked up to 3.7% in the first quarter of 2019, government data showed on Wednesday. 

** Sri Lanka is in talks with the Beijing-backed Asian Infrastructure Investment Bank for a $1 billion dollar loan, the finance ministry said, to help an economy that has been badly hit by a deadly terrorist attack in April and political turmoil that began last year. 

** Sri Lanka plans to raise up to 480 billion rupees ($2.72 billion) in additional debt this year for financing the government’s repayment obligations via local and foreign markets, a document showed on Thursday. 

** Moody’s said in a note on Wednesday that domestic and external obstacles pose challenges to Sri Lanka’s refinancing of government debt as recent terrorist attacks in the country could hurt revenue streams, further straining public finances and political issues could resurface. 

** 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. 

** Friday’s stock market turnover was 496.8 million rupees ($2.81 million), less than this year’s daily average of about 546.4 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 31.1 million rupees worth of shares on Friday, extending the year-to-date net foreign outflow to 5.93 billion rupees. 

** The rupee ended steady at 176.70/80 per dollar, compared with Thursday’s close, market sources said. The rupee fell 0.14% last week, but is up 3.34% for the year. 

** 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 311 million rupees worth of government securities in the week ended June 12, but the island nation’s net foreign outflow was at 21.6 billion rupees so far this year, central bank data showed.
 

($1 = 176.5500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal; Editing by Rashmi Aich)

Sri Lanka stocks hit over 1-week low on profit taking; rupee slips

Reuters: ** Sri Lankan shares hit a more than one-week low on Thursday due to profit taking and continued foreign fund outflows from the island nation’s risky assets, while the rupee ended weaker on dollar demand from importers. 

** The benchmark stock index ended 0.37% weaker at 5,372.37, its lowest closing level since June 11, after ending at a nearly seven-week high on Wednesday. The bourse rose 1.61% last week, but has dropped 11.24% so far this year. 

** Sri Lanka’s economy picked up to 3.7% in first quarter 2019, government data showed on Wednesday. 

** Sri Lanka plans to raise up to 480 billion rupees ($2.72 billion) in additional debt this year for financing the government’s repayment obligations via local and foreign markets, a document showed on Thursday. 

** Moody’s said in a note on Wednesday that domestic and external obstacles pose challenges to Sri Lanka’s refinancing of government debt as recent terrorist attacks in the country could hurt revenue streams, further straining public finances and political issues could resurface. 

** 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. 

** Thursday’s stock market turnover was 136.01 million rupees ($769,940.56), well below this year’s daily average of about 546.8 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 34.4 million rupees worth of shares on Thursday extending the year-to-date net foreign outflow to 5.9 billion rupees. 

** The rupee ended at 176.70/80 per dollar, compared with Wednesday’s close of 176.65/80, market sources said. The rupee fell 0.14% last week, but is up 3.34% for the year. 

** 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 311 million rupees worth of government securities in the week ended June 12, but the island nation’s net foreign outflow was at 21.6 billion rupees so far this year, central bank data showed.

($1 = 176.6500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal; Editing by Rashmi Aich)

Sri Lanka stocks at more than 6-week high on foreign buying; rupee gains

Reuters: ** Sri Lankan shares closed at a more than six-week high on Wednesday, boosted by foreign inflows into equities, while the rupee ended slightly firmer on dollar sales by exporters. 

** The benchmark stock index ended 0.31% firmer at 5,392.30, its highest close since May 3. The bourse rose 1.61% last week, but has dropped 10.91% so far this year. 

** Sri Lanka’s economy picked up to 3.7% in first quarter 2019, government data showed on Wednesday. 

** Sri Lanka’s Finance Minister Mangala Samaraweera on Tuesday said the economy grew at 3.5% in the first quarter recovering from 1.8% in the previous quarter. 

** 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. 

** The government’s pension fund has resumed investing in risky assets as the stock market is “extremely undervalued at the moment and is considered a good time to go in”, the central bank governor said last month at its monetary policy meet. 

** Wednesday’s stock market turnover was 542.01 million Sri Lankan rupees ($3.07 million), inline with this year’s daily average of about 550.6 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors bought a net 178.5 million rupees worth of shares on Wednesday, first net buying in eight sessions. They have sold a net 522.6 million rupees for the seven days through Tuesday. The year-to-date net foreign outflow is at 5.87 billion rupees. 

** The rupee ended at 176.65/80 per dollar, compared with Tuesday’s close of 176.80/85, market sources said. 

** Analysts expect the rupee to weaken further as money flows out of stocks and government securities. 

** The rupee fell 0.14% last week, but is up 3.39% for the year. Exporters had converted dollars as investors’ confidence stabilised after a $1 billion sovereign bond was repaid in mid-January. 

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

** Foreign investors bought a net 311 million rupees worth of government securities in the week ended June 12, but the island nation’s net foreign outflow was at 21.6 billion rupees so far this year, central bank data showed.

($1 = 176.5500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal; Editing by Rashmi Aich)

Sri Lanka stocks at 1-week low on foreign selling; rupee weakens

Reuters: ** Sri Lankan shares dropped to a one-week low on Tuesday as foreign investors exited from the island nation’s risky assets, while the rupee ended weaker on dollar demand from importers. 

** The benchmark stock index ended 0.17% weaker at 5,375.60, its lowest close since June 11. The bourse rose 1.61% last week, but has dropped 11.18% so far this year. 

** Sri Lanka’s Finance Minister Mangala Samaraweera on Tuesday said the economy grew at 3.5% in the first quarter recovering from 1.8% in the previous quarter. 

** 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. 

** The government’s pension fund has resumed investing in risky assets as the stock market is “extremely undervalued at the moment and is considered a good time to go in”, the central bank governor said last month at its monetary policy meet. 

** Tuesday’s stock market turnover was 1.1 billion rupees ($6.23 million), twice this year’s daily average of about 550.7 million rupees. Last year’s daily average was 834 million rupees. 

** Foreign investors sold a net 106.3 million rupees worth of shares on Tuesday, extending the net foreign outflow for the past seven days to 522.6 million rupees. The year-to-date net foreign outflow now stands at 6.04 billion rupees. 

** The rupee ended at 176.80/85 per dollar, compared with Monday’s close of 176.75/85, market sources said. 

** Analysts expect the rupee to weaken further as money flows out of stocks and government securities. 

** The rupee fell 0.14% last week, but is up 3.28% for the year. Exporters had converted dollars as investors’ confidence stabilised after a $1 billion sovereign bond was repaid in mid-January. 

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

** Foreign investors bought a net 311 million rupees worth of government securities in the week ended June 12, but the island nation’s net foreign outflow was at 21.6 billion rupees so far this year, central bank data showed.

($1 = 176.7000 Sri Lankan rupees) 

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