Sri Lankan rupee rebounds from record low; stocks hit near 2-month high

Reuters: ** The Sri Lankan rupee traded at a record low on Thursday, but closed firmer due to central bank dollar sales. Stocks hit a nearly two-month closing high, but foreign investors continue to exit even after newly appointed Prime Minister Mahinda Rajapaksa’s attempts to resolve the political crisis.

** The rupee traded at a record low of 175.65 per dollar, hit in the previous session. 

** The rupee ended at 174.00/40 per dollar on Thursday, compared with previous close of 175.60/176.00. The rupee has dropped 0.5 percent since the political crisis unfolded. 

** The rupee weakened 3.7 percent in October after a 4.7 percent drop in September against the dollar. It dropped 13.4 percent so far this year.

** Sri Lankan opposition leader Mahinda Rajapaksa was appointed prime minister last week after President Sirisena dismissed the incumbent in a surprise move that threatens political turmoil in the South Asian country.

** The appointment of Mahinda Rajapaksa as prime minister prompted protests and a demand for parliament to be called, to allow lawmakers to choose their leader. The return of Rajapaksa, a former president who crushed a decades-old Tamil insurgency, has stoked fears of fresh political and ethnic division in the island nation of 21 million mostly Sinhalese Buddhists, with Tamil and Muslim minorities. 

** The Colombo stock index jumped 2.7 percent to 6,114.13, slipping from its highest close since Sept. 7. The bourse rose 4.9 percent since Friday, but fell 1.5 percent last month and slipped 4.01 percent so far this year.

** Analysts said retail investors, who have stayed away from the market during a number of investigations against market manipulation that allegedly occurred under the previous government, actively bargain-hunted after the president’s announcement. 

** Data from the central bank showed that foreign investors sold government securities worth a net 3.9 billion rupees ($22.40 million) in the week ended Oct. 23. Sri Lanka has seen a net outflow of 89.8 billion rupees in securities so far this year. 

** Stock market turnover was 1.5 billion rupees ($8.62 million) on Thursday, twice this year’s daily average of 792.7 million rupees. 

** Foreign investors were net sellers of shares worth 572 million rupees on Thursday, extending the year-to-date net foreign outflow to 13.4 billion rupees worth of equities.

** Shares in conglomerate John Keells Holdings Plc ended 3.1 percent higher, while Distilleries Co of Sri Lanka Plc closed 5.0 percent firmer.

($1 = 174.1000 Sri Lankan rupees) 

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

Sri Lankan rupee hits record low on political woes

Reuters: ** The Sri Lankan rupee dropped 0.51 percent to a record low on Wednesday, dented by political uncertainty. Stocks slipped from a nearly six-week closing high hit in the previous session as foreign investors exited after President Maithripala Sirisena sacked the prime minister.

** The rupee dropped to a record low of 175.65 per dollar on Wednesday, surpassing the previous record low of 174.75 hit in the previous session. 

** The rupee ended at 175.60/176.00 per dollar on Wednesday, compared with previous close of 174.60/80. The rupee dropped 1.5 percent since the political crisis unfolded. 

** The rupee weakened 3.7 percent in October after a 4.7 percent drop in September against the dollar. It dropped 14.3 percent so far this year.

** Sri Lankan opposition leader Mahinda Rajapaksa was appointed prime minister last week after President Sirisena dismissed the incumbent in a surprise move that threatens political turmoil in the South Asian country. As president, the pro-China Rajapaksa ushered in billions of dollars of investment from Beijing to help rebuild the country following the end of a 26-year-long civil war against Tamil separatists in 2009. 

** The Colombo stock index ended 0.18 percent weaker at 5,953.47, slipping from its highest close since Sept. 19 hit on Tuesday. The bourse shed 3.6 percent last month, and slipped 6.5 percent so far this year.

** Analysts said retail investors, who have stayed away from the market during a number of investigations against market manipulation that allegedly occurred under the previous government, actively bargain-hunted after the president’s announcement. 

** Data from the central bank showed that foreign investors sold government securities worth a net 3.3 billion rupees ($30.7 million) in the week ended Oct. 17. Sri Lanka has seen a net outflow of 85.9 billion rupees in securities so far this year. 

** Stock market turnover was 1.4 billion Sri Lankan rupees ($7.99 million) on Wednesday, more than this year’s daily average of 789.2 million rupees. 

** Foreign investors were net sellers of shares worth 139.4 million rupees on Wednesday, extending the year-to-date net foreign outflow to 12.8 billion rupees worth of equities.

($1 = 175.3000 Sri Lankan rupees) 

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

Sri Lankan rupee hits record low as political turmoil mounts

Reuters: ** The Sri Lankan rupee slumped to a record low on Tuesday as escalating political turmoil sparked buying of U.S. dollars by importers. Stocks climbed for a third straight session to hit a nearly six-week closing high on retail investor buying, but foreign investors exited after President Maithripala Sirisena sacked the prime minister unexpectedly and swore in the ex-president.

** The rupee dropped to a record low of 174.75 per dollar on Tuesday, surpassing the previous record low of 174.30 hit on Monday.

** The rupee ended at 174.60/80 per dollar on Tuesday, compared with previous close of 173.75/90. 

** The rupee weakened 3 percent so far this month after a 4.7 percent drop in September against the dollar. It dropped 13.5 percent so far this year.

** Sri Lankan opposition leader Mahinda Rajapaksa was appointed prime minister on Friday after President Sirisena dismissed the incumbent in a surprise move that threatens political turmoil in the South Asian country. As president, the pro-China Rajapaksa ushered in billions of dollars of investment from Beijing to help rebuild the country following the end of a 26-year-long civil war against Tamil separatists in 2009. 

** The Colombo stock index ended 0.34 percent firmer at 5,964.32, its highest close since Sept. 19. The bourse shed 3.6 percent last month, and slipped 6.4 percent so far this year.

** Analysts said retail investors, who have stayed away from the market during a number of investigations against market manipulation that allegedly occurred under the previous government, actively bargain-hunted after the president’s announcement. 

** Data from the central bank showed that foreign investors sold government securities worth a net 3.3 billion rupees ($30.7 million) in the week ended Oct. 17. Sri Lanka has seen a net outflow of 85.9 billion rupees in securities so far this year. 

** Stock market turnover was 981.4 million rupees ($5.64 million) on Tuesday, more than this year’s daily average of 786.4 million rupees. 

** Foreign investors were net sellers of shares worth 155.3 million rupees on Tuesday, extending the year-to-date net foreign outflow to 12.7 billion rupees worth of equities.

($1 = 174.1000 Sri Lankan rupees) 

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

Sri Lankan rupee hits record low amid political crisis; stocks at 6-week high

Reuters: ** The Sri Lankan rupee slumped to a record low on Monday as growing political turmoil sparked buying of U.S. dollars by importers. Stocks hit a nearly six-week closing high on retail investor buying, but foreign investors exited after President Maithripala Sirisena sacked the prime minister unexpectedly and swore in the ex-president.

** The rupee dropped to a record low of 174.30 per dollar on Monday, surpassing the earlier record of 173.08 hit on Friday. 

** The rupee ended at 173.75/90 per dollar on Monday, compared with its previous close of 173.05/20. 

** The rupee weakened 2.8 percent so far this month after a 4.7 percent drop in September against the dollar. It dropped 13.2 percent so far this year.

** Sri Lankan opposition leader Mahinda Rajapaksa was appointed prime minister on Friday after President Maithripala Sirisena dismissed the incumbent in a surprise move that threatens political turmoil in the South Asian country. As president, the pro-China Rajapaksa ushered in billions of dollars of investment from Beijing to help rebuild the country following the end of a 26-year-long civil war against Tamil separatists in 2009. 

** The Colombo stock index ended up 1.9 percent at 5,944.18, its highest close since Sept. 19. It shed 3.6 percent last month and has lost 6.7 percent so far this year.


** Analysts said retail investors, who have stayed away from the market during a number of investigations against market manipulation that allegedly occurred under the previous government, actively bargain-hunted after the president’s announcement. 

 ** Data from the central bank showed foreign investors sold government securities worth a net 3.3 billion rupees ($30.7 million) in the week ended Oct. 17. Sri Lanka has seen a net outflow of 85.9 billion rupees in securities so far this year. 

** Stock market turnover was 4.2 billion rupees ($24.18 million) on Monday, more than five times this year’s daily average of 785.4 million rupees. 

** Foreign investors were net sellers of shares worth 3.1 billion rupees on Monday, worst outflow since March 28 and extending the year-to-date net foreign outflow to 12.5 billion rupees worth of equities.

** Shares in Distillers Company of Sri Lanka Plc ended 5.9 percent higher. Commercial Bank of Ceylon Plc closed up 3.4 percent, Hemas Holdings Plc closed 7.1 percent higher and conglomerate John Keells Holdings Plc ended 1.3 percent higher. 

($1 = 173.7000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez: editing by Sherry Jacob-Phillips, Larry King)

Sri Lankan rupee hits record low; stocks at 2-week closing high

Reuters : ** The Sri Lankan rupee touched a record low on Friday as banks and importers purchased U.S. dollar, while stocks climbed 1.1 percent to a two-week closing high but foreign investors’ exit from the island nation’s risky assets weighed on sentiment.

** The rupee dropped to an all-time low of 173.08 per dollar on Friday, surpassing its previous record low of 173.00 hit on Tuesday. 

** The rupee ended at 173.05/20 per dollar on Friday, compared with its previous close of 172.80/90. 

** The rupee weakened 2.1 percent so far this month after a 4.7 percent drop in September against the dollar. It dropped 12.52 percent so far this year.

** The Colombo stock index ended 1.1 percent firmer at 5,831.96, its highest close since Oct. 11. It shed 3.6 percent last month, and lost 8.4 percent so far this year.

** Data from the central bank showed foreign investors sold government securities worth a net 5.3 billion rupees ($30.7 million) in the week ended Oct. 17. Sri Lanka has seen a net outflow of 85.9 billion rupees in securities so far this year.

** Stock market turnover was 1.6 billion rupees ($9.27 million) on Friday, more than double of this year’s daily average of 768.2 million rupees.

** Foreign investors were net sellers of shares worth 48.3 million rupees on Friday, extending the year-to-date net foreign outflow to 9.5 billion rupees worth of equities.

** Shares in conglomerate John Keells Holdings Plc ended 3.4 percent higher, while Hatton National Bank Plc closed up 1.6 percent, Sampath Bank Plc ended 4.2 percent firmer and the biggest listed lender Commercial Bank Plc ended 2.3 percent up.

($1 = 172.6000 Sri Lankan rupees) 

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

Sri Lankan rupee closes near record low; stocks steady

Reuters: ** The Sri Lankan rupee closed on Thursday near a record low hit earlier this week as banks and importers purchased the dollar, while stocks closed flat with higher turnover.

** The rupee ended at 172.80/90 per dollar on Thursday, compared with its previous close of 172.60/70.

** The rupee dropped to an all-time low of 173.00 per dollar on Tuesday, surpassing its previous low of 172.50 hit on Monday.

** The central bank surprised financial markets on Oct. 2 by leaving its key policy rates unchanged despite heavy pressure on the rupee and foreign outflows from government securities.

** The rupee has weakened 2.1 percent so far this month after a 4.7 percent drop in September against the dollar. It dropped 12.45 percent so far this year.

** The Colombo stock index ended 0.03 percent weaker at 5,768.54. It shed 3.6 percent last month, and lost 9.4 percent so far this year.

** Data from the central bank showed foreign investors sold government securities worth a net 5.3 billion rupees ($30.7 million) in the week ended Oct. 17. Sri Lanka has seen a net outflow of 85.9 billion rupees in securities so far this year.

** Stock market turnover was 1.26 billion rupees ($7.30 million) on Thursday, more than this year’s daily average of 764.6 million rupees.

** Foreign investors were net sellers of shares worth 277.5 million rupees on Thursday, extending the year-to-date net foreign outflow to 9.4 billion rupees worth of equities.

($1 = 172.5000 Sri Lankan rupees) 

(Reporting by Shihar Aneez; Editing by Amrutha Gayathri)

Sri Lankan rupee hits record low; stocks edge higher

Reuters: ** The Sri Lankan rupee hit an all-time low for a third straight session on Tuesday as banks and importers purchased the U.S. dollar despite the central bank’s intervention to prevent the fall, while stocks edged higher.

** The rupee dropped to an all-time low of 173.00 per dollar, surpassing its previous low of 172.50 hit on Monday, mainly due to importer demand for the greenback, market sources said.

** The rupee ended at 172.60/70 per dollar, compared with its previous close of 172.40/60. The central bank intervened to prevent further fall after it hit 173.00, market sources said. Central bank officials were not immediately available for comment. 

** The central bank surprised financial markets on Oct. 2 by leaving its key policy rates unchanged despite heavy pressure on the rupee and foreign outflows from government securities.

** The rupee has weakened 2 percent so far this month after a 4.7 percent drop in September against the dollar. It dropped 12.4 percent so far this year.

** The Colombo stock index ended 0.08 percent firmer at 5,770.52, further moving away from its lowest close since Nov. 28, 2013 hit on Friday. It shed 3.6 percent last month, and lost 9.4 percent so far this year.

** Data from the central bank showed foreign investors sold government securities worth a net 5.3 billion rupees ($30.7 million) in the week ended Oct. 17. Sri Lanka has seen a net outflow of 85.9 billion rupees in securities so far this year.

** Stock market turnover was 201 million rupees ($1.17 million) on Tuesday, nearly a quarter of this year’s daily average of 761.1 million rupees.

** Foreign investors were net sellers of shares worth 59.3 million rupees on Tuesday, extending the year-to-date net foreign outflow to 9.1 billion rupees worth of equities.

($1 = 172.4000 Sri Lankan rupees) 

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