Bourse loses more steam as rupee value worries investors

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COLOMBO, July 5 (Reuters) - Sri Lankan shares hit a two-month low on Friday, extending losses for a third straight session, led by foreign selling in market heavyweight John Keells Holdings amid investor concerns over the rupee's weakness, brokers said.

The main share index ended down 0.41 percent or 24.99 points at 6048.18, its lowest close since May 5. It has fallen 1.5 percent in the last three sessions.

The rupee has been on a decline since early last month as foreign investors exited from T-bonds as they have done in other emerging markets after the outlook on the U.S. economy improved, making U.S. Treasury yields more attractive.

Brokers said the cut in Sri Lanka's foreign currency sovereign rating outlook by Moody's also weighed on foreign investor sentiment.

Turnover was at 570.2 million rupees ($4.37 million) on Friday, less than this year's daily average turnover of about 1 billion rupees, according to provisional exchange data. John Keells lost 2.24 percent to 248.20 rupees. ($1 = 130.6000 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sunil Nair)

(ranga.sirilal@thomsonreuters.com)(+94-11-232-5540)

(Reuters Messaging: ranga.sirilal.thomsonreuters.com@reuters.net)(twitter.com/rangab a)
http://www.xe.com/news/2013/07/05/3429013.htm

Redbulls · 2 Sri Lanka stocks down 0.4-pct Fri Jul 05, 2013 5:20 pm

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July 05, 2013 (LBO) - Sri Lanka's stocks closed down 0.41 percent on Friday with the market down for the third consecutive day amid losses in diversified companies and banking stocks, brokers said.

The benchmark Colombo All Share Index closed 24.99 points lower at 6,048.18 and the S&P SL 20 Index closed 16.00 points lower at 3,383.46 down 0.47 percent.

Turnover was 570 million rupees down from 738 million from a day earlier.

Foreigners brought 340 million rupees worth shares while selling 61 million rupees in a day that 57 stocks advanced and 122 stocks declined.

Carson Cumberbatch contributed most to the index closed at 435.00 rupees down 09.60 rupees, George Steuart closed at 640.00 rupees up 40.00 rupees and Ceylon Tobacco Company closed at 999.40 rupees up 3.70 rupees.

Negative contributors included John Keells Holdings closing at 249.00 down 4.90 rupees, Ceylinco Insurance closed at 389.60 rupees down 29.60 rupees and Dialog Axiata closed at 08.30 rupees down 10 cents.

Pan Asia closed at 18.10 rupees down 40 cents. Union Bank of Colombo closed flat at 17.50 rupees and Commercial Bank of Ceylon lost 20 cents to close at 113.30 rupees.

Hatton National Bank closed at 158.00 rupees down 02.00 rupees and Sampath Bank closed at 195.80 rupees down 1.20 rupees.

United Motor closed flat at 120 rupees with a crossing of 2 million shares at 121 rupees per share, John Keels Hotels crossed 1.7 millions shares at 13.40 rupees per share to close at 249.00 rupees down 4.90 rupees.

Nestle Lanka closed at 1,947.60 rupees up 40 cents and Aitken Spence closed flat at 125.00 rupees. There was a crossing of 86 thousand shares at 305 rupees per shares of Chevron Lubricants and closed at 305.50 down by 2.10 rupees.

The Lion Brewery closed at 399.00 down 09.00 rupees and Distilleries Company closed at 190.70 rupees down 1.80 rupees.
http://www.lankabusinessonline.com/news/sri-lanka-stocks-down-0.4-pct/353694444

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The Colombo bourse yesterday lost more steam with continuing investor concern on the rupee’s weakness with nearly half the day’s business volumes accounted for by crossings in United Motors, brokers said.

The market closed posting a turnover of Rs.570.2 million, down from the previous day’s Rs.738.1 million, and both indices down – the All share by 24.99 points (0.41%) and S&P SL20 by 12.86 points (0.38%) with 123 losers strongly outpacing 70 gainers while 119 counters closed flat.

Foreign purchases amounted to Rs. 340.32 million, leading to a net inflow of Rs. 278.91million.

"The ASPI ended lower for a third consecutive day amid declines across most sectors. Block trades on UML accounted for over 40% of the day’s turnover. The market also saw crossings on KHL and LLUB," John Keells Stockbrokers said.

Block trades in John Keells Hotels, United Motors and Chevron accounted for Rs.291 million of the day’s business volumes with the bulk generated by United Motors where 2 million shares were crossed at Rs.121 in a deal worth Rs.242 million.

John Keells Hotels saw 1.7 million shares crossed at a price of Rs.13.40 contributing Rs.22.8 million to turnover while Chevron saw a block trade of 86,054 shares at Rs.305 contributing Rs.26.2 million to turnover.

JKH was the most traded stock on the trading floor closing Rs.5.70 down at Rs.248.20 on over 0.2 million shares done between Rs.248.20 and Rs.253.50 generating a turnover of Rs.53.7 million.

Central Finance saw two large parcels traded at Rs.183 closing Re.1 up at Rs.183 on nearly 0.2 million shares contributing Rs.22.3 million to turnover.

HNB was down Rs.2 to Rs.158 on over 0.1 million shares done between Rs.158 and Rs.159.50 generating Rs.23.5 million turnover.

Brokers said that the majority of shares most traded yesterday saw prices fall with JKH particularly continuing to decline sharply. Only Central Finance and Horana Plantations, where nearly 0.3 million shares were traded, was in the green among most traded stock with Horana closing 40 cents up at Rs.25.

Chilaw Finance announced a first and final dividend of 50 cents per share for 2012/13 with dates to be notified while Lanka Floor Tiles announced a second interim dividend of Rs.2.60 per share for 2012/13 XD from July 15 with payment on July 25.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=82877