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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lankan stocks slip on high rates; turnover at 5-month low

Sri Lankan stocks slip on high rates; turnover at 5-month low

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sriranga

sriranga
Co-Admin

COLOMBO, Nov 26 (Reuters) - Sri Lankan stocks ended weaker on Monday with turnover slumping to a near five-month low as high interest rates sapped investor appetite for risky assets while many investors were away from the market ahead of a holiday.

The Colombo Stock Exchange's main index ended 0.41 percent or 22.22 points, weaker at 5,384.89.

Markets will be closed for a public holiday on Tuesday and stockbrokers said many investors were on an extended break.

"The high interest rate still weighs on the market. When fixed deposits give a return of around 17-18 percent, investors will hardly come to the stock market," said a stockbroker who declined to be identified.

Analysts said investors had been moving in to fixed deposits from equities after the central bank kept key policy rates at three-year highs after the market closed on Friday.

The yield on the 364-day T-bill gained for the sixth consecutive week at the last weekly auction last Wednesday, central bank data showed.

The day's turnover was 116 million rupees ($890,900), its lowest since July 2 and well below the year's daily average of 906 million rupees. Foreign investors bought a net 28.9 million rupees of shares, extending the net foreign inflow this year to 34.55 billion rupees.

The rupee changed little to close at 130.10/20 to the dollar compared with Friday's close of 130.10/18 in dull trade, dealers said.

($1 = 130.2000 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Robert Birsel)

((ranga.sirilal@thomsonreuters.com)(+94-11-232-5540)(Reuters Messaging: ranga.sirilal.thomsonreuters.com@reuters.net))
http://www.cnbc.com/id/49963059

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

Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Nov 26, 2012 (LBO) - Sri Lanka's stocks closed 0.4 percent lower Monday while turnover dipped to 115 million rupees, levels not seen for three years, amid weak demand, brokers said.

The benchmark Colombo All Share Price Index closed at 5,384.8, down 22.2 points and the S&P SL20 Index closed at 2,960.01 down 7.3 points of 0.25 percent.
Turnover was 115.9 million rupees.

Turnover was at these levels in the first half of 2009, when the country was in the middle of a balance of payments crisis and in the last stages of a 30-year war. Turnover fell to 80 million rupees on April 30, 2009.

Sri Lanka is now again recovering from a balance of payments crisis, triggered by large volumes of credit taken by state enterprises to manipulate energy prices and the market is going through a correction.

There are also concerns over rule of law and property rights.

On Monday People's Finance rose 2.60 to close at 33.80 rupees. The firm is due to be merged with its larger parent People's Leasing and Finance. Brokers said the stock moved up on expectations of a mandatory offer to buy out minority shareholders.
Aitken Spence fell 3.60 rupees to 119.20, Bairaha Farms fell 5.20 to 141.00 rupees, Chevron Lubricants fell 2.50 to 189.50 rupees and Tokyo Cement rose 80 cents to close at 27.90 rupees.
http://lbo.lk/fullstory.php?nid=378574809

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