Sri Lanka stocks hit near 6-week high; rupee weakens

Reuters: ** Sri Lankan stocks rose for the seventh straight session on Monday to hit a near six-week high as beverage and banking shares rallied. However, the rupee ended weaker. 

** The benchmark stock index ended 0.61% firmer at 5,870.09, its highest close since Sept. 3. So far this year, the index has dropped 3.01%. 

** Meanwhile, the rupee was 0.14% weaker at 180.90/181.10 per dollar compared with Friday’s close of 180.65/75. The currency is up 0.93% so far this year.

** Foreign investors were net sellers of risky assets as presidential poll campaigning began in the nation.

** Foreign investors continued selling for the ninth straight session. They sold a net 204 million rupees worth of shares, extending the year-to-date net foreign outflow to 3.95 billion rupees of equities, according to index data.

** One of the two presidential frontrunners, former wartime defence chief Gotabaya Rajapaksa, is possibly getting the broader support of other smaller parties after President Maithripala Sirisena’s center-left Sri Lanka Freedom Party (SLFP) pledged its backing for his candidature in the election scheduled for Nov. 16.

** Rajapaksa started his campaign last week, while the other strong candidate Sajith Premadasa, the housing minister who has the backing of most of the rural poor, also kicked off his campaign in the previous week.

** Sri Lanka’s central bank left its key rates unchanged on Friday after loosening policy earlier this year, although growth is likely to remain subdued as the economy faces rising global risks.

** Equity market turnover was 1.1 billion Sri Lankan rupees ($6.08 million), well above this year’s daily average of about 662 million rupees. Last year’s daily average was 834.0 million rupees. 

** Foreign investors sold government securities on a net basis for the seventh time in eight weeks, they sold a net 102.8 million rupees worth of government securities in the week ended Oct. 9. 

** Foreign outflows, which are one of the major reasons behind the rupee’s recent weakness, may not abate until after a parliamentary election in 2020, some analysts had said. 

** The central bank does not release foreign trade numbers on a daily basis, but weekly data in the past six weeks through Sept. 25 has shown a steady outflow. 

** Sri Lanka has seen a net foreign outflow of 54.9 billion rupees through Oct. 9, according to central bank data. 

($1 = 180.9000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal; editing by Uttaresh.V)

Sri Lanka stocks hit five-week high; foreigners exit

Reuters: ** Sri Lankan stocks rose for the sixth straight session on Friday to hit their five-week high led by banking and beverage shares, but foreign investors exited from risky assets with the start of presidential poll campaigning. The rupee currency ended weaker.

** Sri Lanka’s central bank left its key rates unchanged on Friday after loosening policy earlier this year, although growth is likely to remain subdued as the economy faces rising global risks.

** Local investors picked up select shares, with one of the two presidential frontrunners, former wartime defence chief Gotabaya Rajapaksa, possibly getting the broader support of other smaller parties after President Maithripala Sirisena’s center-left Sri Lanka Freedom Party (SLFP) pledged its backing for his candidature in the election scheduled for Nov. 16.

** Rajapaksa started his campaign on Wednesday, while the other strong candidate Sajith Premadasa, the housing minister who has the backing of most of the rural poor, kicked off his campaign on Thursday.

** The benchmark stock index ended 0.35% firmer at 5,834.66, rising for the sixth straight session to its highest close since Sept. 5. The bourse rose 2.54% for the week. So far this year, the index has dropped 3.6%. 

** Equity market turnover was 1.13 billion Sri Lankan rupees ($6.26 million), nearly double of this year’s daily average of about 659 million rupees. Last year’s daily average was 834.0 million rupees. 

** Foreign investors were net sellers for the eight straight session. They sold a net 46.4 million rupees worth of shares, extending the year-to-date net foreign outflow to 3.7 billion rupees of equities, according to index data.

** Meanwhile, the rupee fell 0.1% weaker at 180.65/75 per dollar compared with Thursday’s close of 180.50/65. The currency is up 0.4% for the week and 1.1% so far this year.

** Foreign investors bought government securities on a net basis for the first time in seven weeks, buying 522 million rupees worth of government securities in the week ended Oct. 2. 

** The foreign outflows, which are one of the major reasons behind the rupee’s recent weakness, may not abate until after a parliamentary election in 2020, some analysts said. 

** The central bank does not release foreign trade numbers on a daily basis, but weekly data in the past five weeks through Sept. 25 has shown a steady outflow. 

** Sri Lanka has seen a net foreign outflow of 54.8 billion rupees through Oct. 2, according to central bank data. 

($1 = 180.5000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Shailesh Kuber)

Sri Lanka stocks end tad firmer near four-week high; foreigners exit

Reuters: ** Sri Lankan stocks rose for the fifth straight session on Thursday to hit their near four-week high led by beverage shares, but foreign investors exited from the risky assets with the start of presidential poll campaigning. The rupee currency ended steady.

** Local investors picked up select shares, with one of the two presidential frontrunners, former wartime defence chief Gotabaya Rajapaksa, possibly getting the broader support of other smaller parties after President Maithripala Sirisena’s center-left Sri Lanka Freedom Party (SLFP) pledged its backing for his candidature in the election scheduled for Nov. 16.

** Rajapaksa started his campaign on Wednesday, while the other strong candidate Sajith Premadasa, the housing minister who has the backing of most of the rural poor, kicked off his campaign on Thursday.

** The benchmark stock index ended 0.08% firmer at 5,814.44, rising for the fifth straight session to its highest close since Sept. 19. The bourse fell 1.42% last week. So far this year, the index has dropped 3.9%. 

** Equity market turnover was 1.12 billion rupees ($6.20 million), nearly double of this year’s daily average of about 657 million rupees. Last year’s daily average was 834.0 million rupees. 

** Foreign investors were net sellers for the seventh straight session. They sold a net 276.8 million rupees worth of shares, extending the year-to-date net foreign outflow to 3.7 billion rupees of equities, according to index data.

** Meanwhile, the rupee ended steady at 180.50/65 per dollar compared with Wednesday’s close of 180.50/60. The currency is up 1.2% so far this year.

** Foreign investors bought government securities on a net basis for the first time in seven weeks, buying 522 million rupees worth of government securities in the week ended Oct. 2. 

** The foreign outflows, which are one of the major reasons behind the rupee’s recent weakness, may not abate until after a parliamentary election in 2020, some analysts said. 

** The central bank does not release foreign trade numbers on a daily basis, but weekly data in the past five weeks through Sept. 25 has shown a steady outflow. 

** Sri Lanka has seen a net foreign outflow of 54.8 billion rupees through Oct. 2, according to central bank data. 

($1 = 180.5000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Shailesh Kuber)

Sri Lanka stocks end at three-week high; foreigners exit

Reuters: ** Sri Lankan stocks closed at a near three-week high on Wednesday, led by blue-chips, but foreign investors exited from the Indian Ocean island’s risky assets with the start of presidential poll campaigning. The rupee currency ended weaker.

** Local investors picked up select shares, with one of the two presidential frontrunners, former wartime defence chief Gotabaya Rajapaksa, possibly getting the broader support of other smaller parties after President Maithripala Sirisena’s center-left Sri Lanka Freedom Party (SLFP) pledged its backing for his candidature in the election scheduled for Nov. 16.

** Analysts said some company shares gained on Wednesday on speculation that those companies may do better if Rajapaksa wins the presidency.

** Rajapaksa started his campaign on Wednesday, while the other strong candidate Sajith Premadasa, the housing minister who has the backing of most of the rural poor, will kick off his campaign on Thursday.

** The benchmark stock index ended 1.23% firmer at 5,809.59, rising for the fourth straight session to its highest close since Sept. 19. The bourse fell 1.42% last week. So far this year, the index has dropped 4%. 

** Equity market turnover was 951.3 million rupees ($5.27 million), well above this year’s daily average of about 655 million rupees. Last year’s daily average was 834.0 million rupees. 

** Foreign investors were net sellers for the sixth straight session. They sold a net 212.1 million rupees worth of shares, extending the year-to-date net foreign outflow to 3.43 billion rupees of equities, according to index data.

** Meanwhile, the rupee ended 0.1% weaker at 180.50/60 per dollar compared with Tuesday’s close of 180.25/40. The currency is up 1.2% so far this year.

** Foreign investors bought government securities on a net basis for the first time in seven weeks, buying 522 million rupees worth of government securities in the week ended Oct. 2. 

** The foreign outflows, which are one of the major reasons behind the rupee’s recent weakness, may not abate until after a parliamentary election in 2020, some analysts said. 

** The central bank does not release foreign trade numbers on a daily basis, but weekly data in the past five weeks through Sept. 25 has shown a steady outflow. 

** Sri Lanka has seen a net foreign outflow of 54.8 billion rupees through Oct. 2, according to central bank data. 

($1 = 180.4500 Sri Lankan rupees) 

(Reporting by Shihar Aneez and Ranga Sirilal; Editing by Maju Samuel)

Sri Lanka stocks, rupee firmer ahead of presidential race

Reuters: ** Sri Lankan stocks closed firmer on Tuesday led by blue chips while local investors picked up retail shares, amid foreign selling from the Indian Ocean island’s risky assets before the start of presidential poll campaign. The rupee currency also ended firmer.

** Local investors picked up select shares after the former wartime defence chief Gotabaya Rajapaksa, who is seen as a strong leader among the 35 candidates, on Monday filed nominations to contest in Sri Lanka’s presidential election scheduled for Nov. 16. 

** Analysts said some shares gained on Tuesday on speculation that those companies may do better if Rajapaksa wins the presidency. However, overall investors were cautious as they waited for policies of the political parties.

** Rajapaksa faced a legal case challenging his Sri Lankan citizenship, but Sri Lanka’s Appeal Court on Friday dismissed the petition, removing a major barrier he faced in contesting the poll.

** Rajapaksa will start his campaign on Wednesday, while another strong candidate Sajith Premadasa, the housing minister who has the backing of most of the rural poor, will kick off his campaign on Thursday.

** The benchmark stock index ended 0.53% firmer at 5,738.90, rising for the third straight session to further move away from its lowest level since July 22 hit on Thursday. The bourse fell 1.42% last week. So far this year, the index has dropped 5.2%. 

** Equity market turnover was 300.9 million rupees ($1.67 million), less than half of this year’s daily average of about 653.3 million rupees. Last year’s daily average was 834.0 million rupees. ** Foreign investors were net sellers of 92 million rupees worth of shares on Tuesday, extending the year-to-date net foreign outflow to 3.2 billion rupees of equities, according to index data.

** Meanwhile, the rupee ended 0.9% firmer at 180.25/40 per dollar compared with Monday’s close of 180.85/95. The currency is up 1.3% so far this year.

** Foreign investors bought government securities on a net basis for the first time in seven weeks, buying 522 million rupees worth of government securities on week ended Oct 2. 

** The foreign outflows, which are one of the major reasons behind the rupee’s recent weakness, may not abate until after a parliamentary election in 2020, some analysts said. 

** The central bank does not release foreign trade numbers on a daily basis, but weekly data in the past five weeks through Sept. 25 has shown a steady outflow. 

** Sri Lanka has seen a net foreign outflow of 54.8 billion rupees through Oct. 2, according to central bank data. 

($1 = 180.3000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Shailesh Kuber)

Sri Lanka stocks, rupee firmer as presidential frontrunner files nomination

Reuters: ** Sri Lankan stocks and rupee closed firmer on Monday after presidential frontrunner Gotabaya Rajapaksa, who faced uncertainty over his candidature, filed a nomination early in the day.

** Investor confidence returned after the former wartime defence chief, who is seen as a strong leader among the 35 candidates, filed nominations to contest in Sri Lanka’s presidential election scheduled for Nov. 16.

** However, investors were cautious as they waited for policies of the political parties.

** Rajapaksa faced a legal case challenging his Sri Lankan citizenship, but Sri Lanka’s Appeal Court on Friday dismissed the petition, removing a major barrier he faced in contesting the poll.

** The benchmark stock index ended 0.33% firmer at 5,708.92, further moving away from its lowest level since July 22 hit on Thursday. The bourse fell 1.42% last week. So far this year, the index has dropped 6%. 

** Equity market turnover was 277.5 million rupees ($1.54 million), less than half of this year’s daily average of about 655.2 million rupees. Last year’s daily average was 834.0 million rupees. 

** Foreign investors were net sellers of 17 million rupees worth of shares on Monday, extending the year-to-date net foreign outflow to 3.1 billion rupees of equities, according to index data.

** Meanwhile, the rupee ended 0.3% firmer at 180.85/95 per dollar compared with Friday’s close of 181.35/50. The currency is up 0.97% this year.

** The International Monetary Fund cut its forecast for Sri Lanka’s 2019 economic growth to 2.7% from 3.5%, as the Easter Sunday attacks on hotels and churches earlier this year dented tourism and broader business activity. 

** Foreign investors bought government securities on a net basis for the first time in seven weeks, buying 522 million rupees worth of government securities on week ended Oct 2. 

** The foreign outflows, which are one of the major reasons behind the rupee’s recent weakness, may not abate until after a parliamentary election in 2020, some analysts said. 

** The central bank does not release foreign trade numbers on a daily basis, but weekly data in the past five weeks through Sept. 25 has shown a steady outflow. 

** Sri Lanka has seen a net foreign outflow of 54.8 billion rupees through Oct. 2, according to central bank data.

($1 = 180.7500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Bernard Orr)

Sri Lanka stocks down for 5th session amid foreign outflows; political woes weigh

Reuters: ** Sri Lanka’s stocks fell for the fifth straight session on Thursday to a more than 10-week closing low, as foreign investors sold the island nation’s risky assets, while the rupee closed lower.

** Investors were worried of political uncertainty after a Sri Lankan court set up a three-judge panel on Monday to hear a petition challenging the citizenship of presidential nominee Gotabaya Rajapaksa, which could disqualify the former defence chief from the Nov. 16 elections, stock brokers said.

** Dealers said fears of a possible court decision that could disqualify Rajapaksa’s nomination weighed on the market. The Supreme Court heard the petition for the second day on Thursday. 

** The benchmark stock index ended 0.36% lower at 5,677.50, its lowest since July 22. The bourse fell 0.38% last week. So far this year, the index has dropped 5.9%. 

** The index rose in a couple of sessions last week, after the central bank said on Tuesday that the Monetary Board had ordered banks to reduce interest rates on all loans and advances by at least 200 basis points by Oct. 15. 

** Equity market turnover was 696.4 million rupees ($3.84 million), less than this year’s daily average of about 657.8 million rupees. Last year’s daily average was 834.0 million rupees. 

** Foreign investors were net sellers of 257.3 million rupees worth of shares on Thursday, extending the year-to-date net foreign outflow to 2.88 billion rupees of equities, according to index data.

** Meanwhile the rupee ended 0.1% weaker at 181.30/70 per dollar compared to Wednesday’s close of 181.00/182.10. The rupee fell 0.41% last week. However, the currency is up 0.38% this year. 

** The International Monetary Fund cut its forecast for Sri Lanka’s 2019 economic growth to 2.7% from 3.5%, as the Easter Sunday attacks on hotels and churches earlier this year dented tourism and broader business activity. 

** Foreign outflows from government securities, one of the major reasons behind the rupee’s recent weakness, may not abate till the end of parliament elections in 2020, some analysts said. 

** The central bank does not release foreign trade numbers on a daily basis, but weekly data in the past four weeks has shown a steady outflow. 

** Foreign investors sold government securities worth 439 million rupees in the week ended Sept. 25, extending the net foreign outflow so far this year to 55.3 billion rupees through Sept. 25, according to central bank data.

($1 = 181.3000 Sri Lankan rupees) 

(Reporting by Shihar Aneez; Editing by Shounak Dasgupta)