Sri Lanka shares, rupee end steady on dollar bond sale

Reuters: Sri Lankan shares and the rupee closed steady on Thursday as the island nation launched the sale of U.S. dollar-denominated sovereign bonds and orders topped $3 billion. 

** The sale is crucial for the island nation to boost investor sentiment which was dented by rating downgrades by all three rating agencies after a political crisis in October. 

** The rupee closed unchanged at 178.40/60 per dollar. Market sources said they expected inflows from the sovereign bond sale will help boost the rupee. 

** Sri Lankan Finance Minister Mangala Samaraweera on Tuesday presented the 2019 budget that raises spending while setting an ambitious goal to reduce the country’s large fiscal deficit. 

** The IMF last week agreed to extend Sri Lanka’s $1.5 billion loan programme by one year and has reached staff level agreement to disburse the sixth tranche of the loan. 

** The rupee has climbed 2 percent so far 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. 

** The Colombo Stock Exchange index closed 0.01 percent firmer at 5,752.35, hovering around its lowest close since Nov. 27, 2013 hit on Wednesday. 

** The benchmark stock index fell 1.43 percent last week. It declined 2.9 percent in February, its second straight monthly fall. 

** Turnover was 637.1 million rupees ($3.57 million), less than last year’s daily average of 834 million rupees. 

** Foreign investors sold a net 329.3 million rupees worth of shares on Thursday, extending the year-to-date net foreign outflow to 6.1 billion rupees worth of equities. 

** Foreign investors exited from government securities for the second straight week in the week ended Feb. 27, with net sales of 3.4 billion rupees, the central bank’s latest data showed. 

($1 = 178.5000 Sri Lankan rupees) 

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

Sri Lanka shares fall to over 5-year closing low; rupee gains

Reuters: Sri Lankan shares fell on Wednesday to a more than five-year closing low in thin trade, a day after the country proposed in its 2019 budget higher spending and set an ambitious target to cut fiscal deficit, analysts said. 

** The rupee closed firmer on inward remittances and dollar selling by exporters. 

** Sri Lankan Finance Minister Mangala Samaraweera on Tuesday presented the 2019 budget that raises spending while setting an ambitious goal to reduce the country’s large fiscal deficit. 

** The IMF last week agreed to extend Sri Lanka’s $1.5 billion loan programme by one year and has reached staff level agreement to disburse the sixth tranche of the loan. 

** The Colombo Stock Exchange index closed 0.33 percent weaker at 5,751.60, its lowest close since Nov. 27, 2013, as investors sold large caps. 

** The benchmark stock index fell 1.43 percent last week. It declined 2.9 percent in February, its second straight monthly fall. 

** Turnover was 385.1 million rupees ($2.16 million), less than half of last year’s daily average of 834 million rupees. 

** Foreign investors sold a net 317.8 million rupees worth of shares on Wednesday, extending the year-to-date net foreign outflow to 5.8 billion rupees worth of equities. 

** The rupee ended firmer at 178.40/60 per dollar, compared with Tuesday’s close of 179.00/25. 

** Foreign investors exited from government securities for the second straight week in the week ended Feb. 27, with net sales of 3.4 billion rupees, the central bank’s latest data showed. 

** The rupee has climbed 2 percent so far 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. 

($1 = 178.2500 Sri Lankan rupees) 

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

Sri Lanka shares recover on bargain hunting; rupee gains

Reuters: Sri Lankan shares rose on Tuesday, recovering from a more than five-year closing low hit in the previous session, as investors picked up battered stocks, and 2019 budget proposals to increase spending and cut fiscal deficit boosted sentiment, analysts said. 

** The rupee closed firmer on inward remittances and dollar selling by exporters. 

** Sri Lankan Finance Minister Mangala Samaraweera on Tuesday presented the 2019 budget that raises spending while setting an ambitious goal to reduce the country’s large fiscal deficit. 

** The IMF has agreed to extend Sri Lanka’s $1.5 billion loan programme by one year and has reached staff level agreement to disburse the sixth tranche of the loan. 

** The Colombo Stock Exchange index closed 0.28 percent firmer at 5,770.57, edging up from its lowest close since Nov. 28, 2013 hit on Friday. Markets were closed on Monday for a holiday. 

** The benchmark stock index fell 1.43 percent last week. It declined 2.9 percent in February, its second straight monthly fall. 

** Turnover was 1.2 billion rupees ($6.71 million), more than last year’s daily average of 834 million rupees. 

** The rupee ended firmer at 179.00/25 per dollar, compared with Friday’s close of 179.70/85. 

** Foreign investors exited from government securities for the second straight week in the week ended Feb. 27, with net sales of 3.4 billion rupees, the central bank’s latest data showed. 

** The rupee has climbed 2 percent so far 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. 

($1 = 178.8500 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)

Sri Lanka shares slump to over 5-year closing low on margin calls

Reuters: ** Sri Lankan shares fell 1.1 percent on Friday to a more than five-year closing low, as margin calls following recent losses forced investors to sell risky assets, analysts said. 

** The rupee closed firmer on dollar inflows from inward remittances and selling of the greenback by exporters. 

** The IMF has agreed to extend Sri Lanka’s $1.5 billion loan programme by one year and has reached staff level agreement to disburse the sixth tranche of the loan, government and diplomatic sources told Reuters on Friday. 

** The Colombo Stock Exchange index closed 1.07 percent weaker at 5,754.31, its lowest close since Nov. 28, 2013. 

** The benchmark index fell 1.43 percent this week. It declined 2.9 percent in February, its second straight monthly fall. 

** Turnover was 350.5 million rupees ($1.95 million), less than half of last year’s daily average of 834 million rupees. 

** The rupee ended firmer at 179.70/85 per dollar, compared with Thursday’s close of 179.95/180.15. 

** Finance Minister Mangala Samaraweera’s 2019 budget next week will attempt to stick to fiscal targets set by the International Monetary Fund, while raising spending on farmers and public servants to woo voters ahead of polls later this year. 

** Traders said there was little impact on the exchange rate from the central bank’s last week surprise move of reducing commercial banks’ statutory reserve ratio (SRR) by 100 basis points from March 1. 

** The decision will increase liquidity by around 60 billion rupees, the central bank had said. 

** Foreign investors exited from government securities for the first time in five weeks in the week ended Feb. 20, with net sales of 1.5 billion rupees, the central bank’s latest data showed. 

** The rupee has climbed 1.6 percent so far 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. 

($1 = 179.6000 Sri Lankan rupees) 

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

Sri Lanka shares recover from 4-month closing low; rupee eases

Reuters: ** Sri Lankan shares rose on Thursday after declining for eight straight sessions to a four-month closing low in the previous day, as investors picked up beaten-down stocks ahead of an increase in liquidity, analysts said. 

** The rupee closed weaker with investors waiting for directions from next week’s budget and the outcome of talks between government authorities and the IMF, market sources said. 

** The Colombo Stock Exchange index closed 0.28 percent higher at 5,816.29, edging up from its lowest close since Oct. 25 hit on Wednesday. 

** The benchmark index declined 2.9 percent in February in its second straight monthly fall. 

** Turnover was 2.12 billion rupees ($11.78 million), more than twice last year’s daily average of 834 million rupees. 

** Sri Lanka has asked the IMF to extend a $1.5 billion loan by another year and relax its tight spending targets ahead of key elections, two government sources close to the negotiations told Reuters on Tuesday. 

** The rupee fell 0.61 percent to 179.95/180.15 per dollar, compared with Wednesday’s close of 179.85/95. 

** Finance Minister Mangala Samaraweera will present the 2019 budget on March 5. 

** Traders and investors are waiting to see how the market would react to the central bank’s surprise announcement on Friday of reducing commercial banks’ statutory reserve ratio (SRR) by 100 basis points after the effective date March 1, the sources said. 

** The decision will increase liquidity by around 60 billion rupees, the central bank said. 

** Foreign investors exited from government securities for the first time in five weeks in the week ended Feb. 20, with net sales of 1.5 billion rupees, the central bank’s latest data showed. 

** The rupee has climbed 1.5 percent so far 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. 

($1 = 179.9500 Sri Lankan rupees) 

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

Sri Lanka shares fall for 8th session ahead of budget

Reuters: ** Sri Lankan shares fell for an eighth straight session on Wednesday and the rupee closed weaker, with investors waiting for directions from next week’s budget and the outcome of talks between government authorities and the IMF, market sources said. 

** Sri Lanka has asked the IMF to extend a $1.5 billion loan by another year and relax its tight spending targets ahead of key elections, two government sources close to the negotiations told Reuters on Tuesday. 

** The rupee ended at 179.85/95 per dollar, compared with Tuesday’s close of 179.80/90. ** Finance Minister Mangala Samaraweera will present the 2019 budget on March 5. 

** Traders and investors are waiting to see how the market would react to the central bank’s surprise announcement on Friday of reducing commercial banks’ statutory reserve ratio (SRR) by 100 basis points after the effective date March 1, the sources said. 

** The central bank reduced the SRR to increase liquidity and spur credit growth as policymakers struggle to boost a faltering economic growth following a political crisis and a recent rate increase. 

** Foreign investors exited from government securities for the first time in five weeks in the week ended Feb. 20, with net sales of 1.5 billion rupees, the central bank’s latest data showed. 

** The rupee has climbed 1.5 percent so far 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. 

** The Colombo Stock Exchange index closed lower for an eighth straight session on Wednesday, shedding 0.38 percent to 5,799.98 - its lowest close since Oct. 25. 

** The benchmark index dropped 1.2 percent last week, recording its third straight weekly fall. It declined about 1 percent in January. 

** Turnover was 300.3 million rupees ($1.67 million), well below last year’s daily average of 834 million rupees.

($1 = 179.7000 Sri Lankan rupees) 

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

Sri Lanka stocks, rupee ease ahead of budget, IMF talks outcome

Reuters: ** Sri Lankan shares and the rupee closed weaker on Tuesday, with investors waiting for directions from next week’s budget and the outcome of talks between government authorities and the International Monetary Fund (IMF), market sources said. 

** Sri Lanka has asked the IMF to extend a $1.5 billion loan by another year and relax its tight spending targets ahead of key elections, two government sources close to the negotiations told Reuters on Tuesday. 

** The rupee ended at 179.80/90 per dollar, compared with Monday’s close of 179.70/80. 

** Finance Minister Mangala Samaraweera will present the 2019 budget on March 5. 

** Traders and investors are waiting to see how the market would react to the central bank’s surprise announcement on Friday of reducing commercial banks’ statutory reserve ratio (SRR) by 100 basis points after the effective date March 1, the sources said. 

** The central bank reduced the SRR to increase liquidity and spur credit growth as policymakers struggle to boost a faltering economic growth following a political crisis and a recent rate increase. 

** Foreign investors exited from government securities for the first time in five weeks in the week ended Feb. 20, with net sales of 1.5 billion rupees, the central bank’s latest data showed. 

** The rupee has climbed 1.6 percent so far 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. 

** The Colombo Stock Exchange index closed lower for a seventh straight session on Tuesday, shedding 0.07 percent to 5,822.27 - its lowest close since Oct. 25. 

** The benchmark index dropped 1.2 percent last week, recording its third straight weekly fall. It declined about 1 percent in January. 

** Turnover was 261.96 million rupees ($1.46 million), well below last year’s daily average of 834 million rupees.

($1 = 179.7000 Sri Lankan rupees) 

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