Sri Lanka stocks up 0.6-pct, rupee steady

Redbulls · 1 Sri Lanka stocks up 0.6-pct, rupee steady Wed Jul 10, 2013 5:05 pm

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July 10, 2013 (LBO) - Sri Lanka's stocks closed up 0.6 percent Wednesday ending a five day losing streak with large cap stocks making gains, and the rupee slipped marginally lower in the forward market brokers and dealers said.

The benchmark Colombo All Share Index closed 35.89 points higher at 6,016.05 up 0.6 percent and the S&P SL 20 Index closed 17.1 points higher at 3,365.08 up 0.51 percent.

Turnover was 228.1 million rupees down from 254.3 million from a day earlier.

In forex markets there were no two way quotes in the spot market for the US dollar for the third day though some isolated bids were seen at 130.60 dealers said.

In the spot next market, where settlement is made three days ahead the rupee closed at 131.00/131.10 to the US dollars after opening at 131.95.10 levels, dealers said.

In equity markets foreigners brought 43 million rupees worth shares while selling 35 million rupees in a day that 105 stocks advanced and 67 stocks declined.

John Keells Holdings contributed most to the index closing at 245.60 rupees up 3.80 rupees. The firm is soon expected to announce a 640 million US dollar mixed development project.

Sri Lanka Telecom closed at 40.80 up 1.30 rupees and Ceylinco Insurance closed at 1,192.90 up 92.90 rupees, according to provisional data.

Dialog Axiata closed at 8.50 rupees up 20 cents and Nestle closed at 1,950.00 rupees up 29 rupees.

Asiri Hospital Holdings closed at 13.20 rupees down 70 cents, Aitken Spence Hotel Holdings closed at 72.30 down 2 rupees and Dipped Products closed at 112.90 down 11.10 rupees.

Pan Asia closed at 18.30 rupees down 10 cents, Union Bank of Colombo closed at 16.40 rupees up 10 cents, Hatton National Bank closed at 157.50 rupees down 10 cents and Sampath Bank closed at 194.00 rupees up one rupee.

Chevron Lubricants closed at 301.70 up 1.70 rupees and Distilleries Company closed at 189.00 rupees down 30 cents.

Ceylon Tobacco Company closed at 996.00 rupees up 1.10 rupees.
http://www.lankabusinessonline.com/news/sri-lanka-stocks-up-0.6-pct,-rupee-steady/418707943

sriranga

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(Reuters) - Sri Lankan shares recovered on Wednesday from a near 10-week low, gaining for the first time in six sessions, led by market heavyweight John Keells Holdings in bargain hunting.

The main share index rose 0.6 percent, or 35.89 points, to 6016.05 points, just off its Tuesday close, the lowest since May 2. It had fallen for the five sessions through Tuesday, losing a total of 2.6 percent.

"There was some bargain hunting in Keells," said a stock broker. "Whether the market can be sustain the gains is doubtful. We are closely monitoring foreign flows as we have seen some large foreign outflows in the past few days."

Foreign investors were net buyers of 8.1 million rupees ($61,900) worth of shares on Wednesday and they have been net buyers of 15.74 billion rupees in stocks in 2013.

Shares in Keells rose 2.56 percent to 248 rupees a share.

Stockbrokers said concern over the further weakening of the rupee has dented investor sentiment, with many investors waiting for clear directions on the currency.

The rupee currency has been weakening since early last month as foreign investors fled emerging markets after an improved U.S. economic outlook made U.S. Treasury yields more attractive.

Turnover on Wednesday was 228.2 million rupees, the lowest since June 24 and well below this year's daily average of about 1 billion rupees. ($1=130.8500 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Clarence Fernandez)
http://www.reuters.com/article/2013/07/10/market-srilanka-stocks-idUSL4N0FG2DE20130710