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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » High rates drag Sri Lankan bourse to 3-month low; Rupee up

High rates drag Sri Lankan bourse to 3-month low; Rupee up

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sriranga

sriranga
Co-Admin
COLOMBO | Tue Dec 4, 2012 11:15am GMT
Dec 4 (Reuters) - Sri Lankan stocks ended weaker for the third straight session on Tuesday, easing to a three-month low as high interest rates weighed on sentiment with investors dumping risky assets to shift to high-yielding government securities.

The Colombo Stock Exchange's main index ended 0.12 percent or 6.26 points, weaker at 5,331.45, its lowest close since Sept. 4. The index has now fallen to the over-sold region, Thomson Reuters data showed.

"Negative sentiment will continue until interest rates come down," said a broker who declined to be identified.

The yield for 364-day T-bills gained for a seventh consecutive week at an auction on Wednesday. Analysts say investors have been shifting to fixed deposits from equities since the central bankkept key policy rates at three-year highs on Nov. 9.,

The day's turnover was 505.5 million rupees ($3.90 million), well below this year's daily average of 898.5 million rupees. Foreign investors bought a net 156.4 million rupees worth of shares, extending the net foreign inflow this year to 35.6 billion rupees.

The index fell to an over-sold territory on Tuesday with the 14-day relative strength index falling to 29.975, below the lower end of the neutral range of 30.

The rupee closed firmer at 128.30/40 to the dollar compared with Monday's close of 129.30/35 on foreign inflow into a foreign bank, dealers said. ($1 = 129.4500 Sri Lanka rupees) (Reporting by Ranga Sirilal and Shihar Aneez)
http://uk.reuters.com/article/2012/12/04/markets-srilanka-idUKL4N09E2PX20121204

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

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
"Negative sentiment will continue until interest rates come down," said a broker who declined to be identified.
jocolor
You cannt really expect anything other than this kind of silly statement from brokers.!

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Dec 04, 2012 (LBO) - Sri Lanka's stocks closed marginally lower Tuesday and the rupee extended gains to close at 128.35/45 levels against the spot US dollar, brokers and dealers said.

The benchmark Colombo All Share Price Index closed at 5,331.45 points down 6.26 points or 0.12 percent and the S&P SL 20 Index closed at 2,932.17 up 0.77 points or 0.03 percent higher.

Turnover was 505 million rupees.

In forex market the spot US dollar closed at 128.35/45 rupee after opening at 129.40/60 levels. The rupee also strengthened Monday.

Interbank money markets were short by 4.2 billion rupees, up from 3.9 billion rupees on Monday.

The Central Bank's Treasury bill stock rose to 217 billion rupees on Monday pointing either to state loan settlements outside the domestic monetary system which does not weaken the rupee peg (no reserve pass-through), unsterilized dollar sales or an expansion of the monetary base.

Dealers say there have been no petroleum bills being settled off the market and year end remittance flows are also coming in. In December exporters convert dollars to pay bonuses to workers.
http://lbo.lk/fullstory.php?nid=140771507

nimantha80


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@UKboy wrote:
"Negative sentiment will continue until interest rates come down," said a broker who declined to be identified.
jocolor
You cannt really expect anything other than this kind of silly statement from brokers.!
What brokers should say is " Negative sentiment will worsen in coming weeks due to force selling"
Another thing ,when market went up from 5000 to 6000 did they tell this interest rate thing?What they said was there are still attractive shares.What's actually happening is there are more attractive investments than this tiny CSE.

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Brokers' actions are always Negative
BUT their words are always possitive

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@D.G.Dayaratne wrote:Brokers' actions are always Negative
BUT their words are always possitive

100 % Agree

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@nimantha80 wrote:
@UKboy wrote:
"Negative sentiment will continue until interest rates come down," said a broker who declined to be identified.
jocolor
You cannt really expect anything other than this kind of silly statement from brokers.!
What brokers should say is " Negative sentiment will worsen in coming weeks due to force selling"
Another thing ,when market went up from 5000 to 6000 did they tell this interest rate thing?What they said was there are still attractive shares.What's actually happening is there are more attractive investments than this tiny CSE.
These days we do not see Capital Trust mails ...... Very Happy
Let me check on their research column....we used to see every other day like along with their analytics Shocked

Regards
TAH

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