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Bourse opens week in the red, rupee down Vote_lcap68%Bourse opens week in the red, rupee down Vote_rcap 68% [ 178 ]
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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Bourse opens week in the red, rupee down

Bourse opens week in the red, rupee down

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sriranga

sriranga
Co-Admin

COLOMBO, March 4 (Reuters) - Sri Lankan stocks fell to a two-month low on Monday led by large caps with local retail investor sentiment hit by both political and economic concerns, but foreign buying boosted turnover.

The main share index fell 0.37 percent to 5,631.89, its lowest since Dec. 28.

Foreign investors, who mainly bought banks, acquired a net 858.3 million rupees worth of shares, reversing the year-to-date net foreign outflow to a net inflow of 319.2 million rupees.

Foreign buying accounted for 81.4 percent of turnover of 1.08 billion rupees ($8.48 million), which was just above this year's daily average of 1.05 billion rupees.

The market has fallen 3.5 percent in thin volume since the IMF on Feb. 13 said Sri Lanka was facing slow growth, high inflation and lower tax revenue risks.

Analysts said retailers were also worried about what could happen to Sri Lanka at UN Human Rights Council sessions in Geneva.

The rupee ended steady at 127.40/50 to the dollar in dull trade, but currency dealers said they expect depreciation pressure on the currency in coming weeks due to an expected rise in imports ahead of the April new year festival season. ($1 = 127.43 rupees)

(Reporting by Shihar Aneez; Editing by Nick Macfie)

(shihar.aneez@thomsonreuters.com)(+94-11-232-5540)

(Reuters Messaging: shihar.aneez.thomsonreuters.com@reuters.net)
http://www.xe.com/news/2013/03/04/3234865.htm

http://sharemarket-srilanka.blogspot.co.uk/

2Bourse opens week in the red, rupee down Empty Bourse opens week in the red, rupee down Tue Mar 05, 2013 1:54 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

* Cargills announces deal to produce, sell Fosters Larger

The Colombo bourse fell on Monday (04) with both indices closing in the red after banking sector stocks dominated the day’s trading session while the rupee weakened against the greenback in financial markets with secondary market for government bonds drying up.

The All Share Price Index fell 0.37 percent, down 20.80 points to close at 5,631.89 while the S&P SL20 closed 0.1 percent lower, down 3.07 points at 3,203.78.

Turnover reached Rs. 1.07 billion on a volume of 19.4 million shares changing hands during the day.

Foreign purchases, amounting to Rs. 876.4 million, outweighed selling leading to a net inflow of Rs. 858.31 million.

Com Bank featured in several crossings while Sampath Bank featured in a single off market deal.

"The ASPI ended lower, with activity levels dominated by trades on banking counters. Turnover crossed the Rs. 1bn mark mainly on the back of block trades on COMB and SAMP, which collectively accounted for over 65% of turnover," John Keells Stockbrokers said.

Over five million Com Bank shares changed hands during the day with the counter closing 0.83 percent higher at Rs. 109.9. Sampath Bank closed 0.34 percent higher at Rs. 235.90 on a little more than 1.32 million shares traded.

ASHA was the biggest gainer, up 22.56 percent to close at Rs. 264. COCO closed 16.18 percent higher at Rs. 15.80.

GREG.W3 closed 22.22 percent lower at Rs. 1.40 to be the biggest loser followed by a 21.05 percent drop in CLPL.W14 which closed at Rs. 3.

The Cargills group yesterday said it had struck a deal with Australia’s Carlton United Breweries, to license produce Fosters Lager in the island.

In a stock exchange filing the company said a deal signed on February 25 would allow its wholly owned unit Millers Brewery Ltd to produce and sell Fosters within Sri Lanka.

Cargills bought the then McCallum Breweries (Ceylon) for 1.4 billion rupees in 2011, which makes three coins branded beer in Sri Lanka.

In financial markets the rupee weakened against the US dollar on Monday (04). The rupee closed at Rs. 127.49/53 against the greenback from an opening position of Rs. 127.38/45.

Secondary Treasury bond market yields stayed flat with activity drying up, dealers said.

Excess rupee liquidity in the financial markets amounted to Rs. 40.65 billion yesterday.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=74000

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