Sri Lanka rupee slips on importer demand; stocks down

Redbulls · 1 Sri Lanka rupee slips on importer demand; stocks down Tue Jul 09, 2013 4:53 pm

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Sri Lanka stocks down 0.2-pct.
July 09, 2013 (LBO) - Sri Lanka's stocks closed down 0.26 percent on Tuesday with the market down for the fifth consecutive day amid losses in index heavy stocks, brokers said.

The benchmark Colombo All Share Index closed 15.48 points lower at 5,980.16 and the S&P SL 20 Index closed 03.53 points lower at 3,347.96 down 0.11 percent.

Turnover was 254 million rupees down from 413 million from a day earlier.

Foreigners brought 38 million rupees worth shares while selling 41 million rupees in a day that 61 stocks advanced and 87 stocks declined.

Ceylon Tobacco Company contributed most to the index closing at 994.90 rupees up 4.90 rupees, Aitken Spence Hotel Holding closed at 74.30 up 2.10 rupees and John Keells Holdings closing at 241.80 up 80 cents, According to provincial data.

Negative contributors included George Steuart Finance closing at 481.00 rupees down 159.00 rupees, Nestle Lanka closed at 1,921.00 rupees down 26.20 rupees and Ceylinco Insurance closed at 1,100.00 rupees down 46.80 rupees.

Pan Asia closed at 18.40 rupees up 40 cents, Union Bank of Colombo closed at 16.30 rupees up 10 cents, Hatton National Bank closed at 157.60 rupees down 50 cents and Sampath Bank closed at 193.00 rupees up 1.20 rupees.

Aitken Spence closed at 123.60 down 1.40 rupees, Chevron Lubricants closed at 300.00 down 2.00 rupees and Distilleries Company closed at 189.30 rupees down 70 cents.
http://www.lankabusinessonline.com/news/sri-lanka-stocks-down-0.2-pct./1878926162

sriranga · 2 Sri Lanka rupee slips on importer demand; stocks down Tue Jul 09, 2013 6:13 pm

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COLOMBO, July 8 (Reuters) - The Sri Lankan rupee edged down to a near eight-month low in early trade on Monday as the central bank asked banks not to buy dollars beyond 130.60 with the local currency remaining under pressure on concerns of further foreign outflows.

The rupee was quoted at 130.60/65 per dollar at 0511 GMT, a tad weaker from Friday's close of 130.60. The currency hit a near eight-month low of 130.60/70 last week.

"No big flows were seen and we have seen a state bank offering case by case when there is an import bill. Other than that it's a quite market," a currency dealer said on condition of anonymity.

Dealers said the central bank did not allow any trade above 130.60 rupees a dollar and exporters are holding on to their positions expecting the currency to weaken further. The central bank was not immediately available for comment.

Swarna Gunaratne, director at the central bank's Economic Research Department, said the central bank had intervened in the market on Friday selling $3 million to stablise the rupee.

Dealers also said the currency was still under pressure due to foreign selling in Sri Lanka's government bonds.

Sri Lanka's main stock index was 0.27 percent or 16.45 points down at 6031.73 at 0534 GMT.

Stockbrokers said investors were concerned about the rupee's fall and Moody's outlook cut could result in a further pull-out of foreign funds in equities and regional markets.

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sunil Nair)
http://www.reuters.com/article/2013/07/08/markets-srilanka-idUSL4N0FE12L20130708

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Sri Lanka rupee slips on importer demand; stocks down

1 Sri Lanka rupee slips on importer demand; stocks down Tue Jul 09, 2013 4:53 pm

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2 Sri Lanka rupee slips on importer demand; stocks down Tue Jul 09, 2013 6:13 pm

sriranga

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