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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lankan rupee recovers on state bank dlr sales; stocks down

Sri Lankan rupee recovers on state bank dlr sales; stocks down

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Sri Lanka stocks close down 1-pct

June 25, 2013 (LBO) - Sri Lanka's stocks closed down 1.03 percent Tuesday with the heavy index stocks continuing to slide while an equities research house forecasted the stock market to gain from mid 2012.

The benchmark Colombo All Share Index closed 63.16 points lower at 6,086.22 and the S&P SL 20 Index closed 39.24 points lower at 3,433.06 down 1.13 percent.

Turnover was 455 million rupees up from 77 million on Monday.

Foreigners brought 83 million rupees worth shares while selling 122 million rupees in a day that 49 stocks advanced and 133 stocks declined.

Commercial Leasing and Finance contributed most to the index closing at 4.20 rupees up 0.20 rupees, The Lions Brewery closed at400.00 rupees up by 7.70 rupees. Distilleries Company closed at 188.30 rupees down 4.50 rupees.

Negative contributors included John Keells Holding losing 5.00 rupees to close at 259.00 rupees, Ceylon Tobacco Company closed at 977.30 rupees down by 22.70 rupees. Nestle Lanka closed at 1,949.60 rupees down 50.20 rupees.

NBDS Stockbrokers Research, an equities research house said in a report it forecasted the stock market to gain from mid 2012.

The market has risen about 25 percent so far. In 2013, gains have been higher than expected, the report said.

"Therefore, the current correction in share prices was anticipated," the report said.

"Once the economy and the corporates benefit from lower interest rates in 2013H2 (second half of 2013) we expect the equities to rebound strongly."

The report expects corporate profits to move up 20 percent in 2014.

Sri Lanka Telecom lost 50 cents to close at 39.50 while Dialog Axtia lost 10 cents to close at 8.50 rupees.

In the banking sector, Sampath Bank closed at 202.70 rupees up 20 cents and Commercial Bank of Ceylon lost 2.00 rupees with over 500,000 shares changing hands. Hatton National Bank closed at 160.00 rupees down 2.30 rupees.
http://www.lankabusinessonline.com/news/sri-lanka-stocks-close-down-1-pct/855075068

sriranga

sriranga
Co-Admin

COLOMBO, June 25 (Reuters) - Sri Lanka's rupee recovered from a near seven-month low on Tuesday, after a state-controlled bank intervened to stabilise the currency, dealers said, but depreciation pressure remained due to dollar demand from foreign investors who were selling long tenure bonds before exiting.

The lowest trade was at 129.00 per dollar, but one of the two state-run banks, through which the central bank usually directs the market, sold dollars to selected banks to ease depreciation pressure, dealers said.

The currency closed at 128.70/80, edging up from Monday's close of 128.90/129.00.

'Foreign investors are basically booking their profits in treasury bonds and locking in short term T-bills,' a currency dealer said on condition of anonymity.

'Going forward, we expect the depreciation pressure to remain until the market sees inflows from scheduled foreign borrowings by some banks.'

Foreign investors have been shifting to treasury bills while selling longer tenure T-bonds, the latest central bank data showed on Friday, as a rise in U.S. treasury yields has prompted many offshore investors to rush to the exits.

Three local banks have planned to borrow up to $1.5 billion by tapping global capital markets.

The rupee fell 0.33 percent last week, after losing 1.6 percent in the week previous to that, which currency dealers attributed to foreign investors selling debt as part of a broader selloff in emerging markets.

Sri Lanka's main stock index fell 1.03 percent or 63.16 points to 6,086.22, its lowest since May 3 on concerns over a possible pullout by more foreign funds.

The market witnessed net foreign outflows of 38.7 million rupees on Tuesday in thin foreign trading. The bourse has seen a net foreign inflow of 16.21 billion rupees so far this year.

The day's turnover was at 455.4 million rupees ($3.53 million), less than the half of this year's daily average of around 1 billion rupees.

($1 = 128.9000 Sri Lanka rupees)

(Reporting by Shihar Aneez; Editing by Anupama Dwivedi)

(shihar.aneez@thomsonreuters.com)(+94-11-232-5540)(Reuters Messaging: shihar.aneez.thomsonreuters.com@reuters.net)
http://www.xe.com/news/2013/06/25/3412093.htm?c=1&t=

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

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