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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lankan stocks at 4-wk high; rupee down

Sri Lankan stocks at 4-wk high; rupee down

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
* Bargain hunting in blue chips pushes bourse

* Concerns over sluggish economic growth remain


COLOMBO, June 19 (Reuters) - Sri Lankan shares rose for a fifth straight session on Tuesday, taking the index to a four-week high as investors picked up battered blue chip stocks.

The Colombo Stock Exchange's main index rose 1.22 percent or 61.19 points to 5,059.29, its highest since May 22. It has gained 5.2 percent in the last five sessions.

Top conglomerate John Keells Holdings gained 0.5 percent to 190.70 rupees, and Hatton National Bank rose 2 percent to 149 rupees.

Government data on Monday showed improved economic growth in the first quarter year-on-year, but brokers said investors were still cautious amid uncertainty over interest rates and the volatile rupee exchange rate.

Data showed that the $59 billion economy grew at a faster than expected annual rate of 7.9 percent in the first quarter of 2012, slowing from 8.0 percent in the same quarter last year.

The market fell 10.8 percent in May, due mainly to economic and political worries. It has recovered 4.7 percent so far in June.

The day's turnover was 533.6 million Sri Lankan rupees ($4.04 million), below the daily average of 931.9 million rupees this year.

Foreign investors were net sellers of 16.9 million rupees worth of shares on Tuesday, but so far this year, they have been net buyers of 22.59 billion rupees worth of shares.

The rupee fell to 132.50/70 against the dollar from Monday's close of 132.10/20 on demand for dollars from importers, dealers said. It hit a record low of 133.60 on June 12.

Last week, Treasury Secretary P.B. Jayasundera told Reuters the rupee had hit its low and would stabilise around 125 per dollar in the medium term.

The currency has depreciated 16.4 percent since Nov. 21, when the government allowed a 3 percent devaluation. ($1 = 132.2000 Sri Lanka rupees)
(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Daniel Magnowski)
http://www.reuters.com/article/2012/06/19/markets-srilanka-idUSL3E8HJ4WE20120619?rpc=401&feedType=RSS&feedName=rbssFinancialServicesAndRealEstateNews&rpc=401

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

The day's turnover was 533.6 million Sri Lankan rupees ($4.04 million), below the daily average of 931.9 million rupees this year.

Foreign investors were net sellers of 16.9 million rupees worth of shares on Tuesday, but so far this year, they have been net buyers of 22.59 billion rupees worth of shares.

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Daniel Magnowski)

533 million is not a bad figure. If we exclude all the heavyweight deals ( ex massive JKH deal worth 15 billion)) and then take the daily average, I'm pretty sure it comes close to that figure.


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