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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ »  Sri Lanka bourse at 1-wk low as IMF warns on economic risks

Sri Lanka bourse at 1-wk low as IMF warns on economic risks

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sriranga

sriranga
Co-Admin
Feb 13 (Reuters) - Sri Lankan stocks slipped to a one-week low on Wednesday in thin volume as cautious investors stood by as the International Monetary Fund said growth was slowing more than the government had expected.

A visiting IMF mission said Sri Lanka was facing additional risks from high inflation, lower tax revenue and slow structural reforms.

The main share index fell 0.16 percent, or 9.09 points, to end at 5,827.02, its lowest since Feb.7.

The central bank on Tuesday said authorities had decided not to pursue a new loan from the IMF, which had said it may not be in a position to consider any direct or indirect budget support to Sri Lanka.

"The concern is now if the interest rates will go up," a stockbroker said on condition of anonymity. "Since the expected IMF money is not going to materialise, Sri Lanka will need to go for expensive commercial borrowing."

Turnover was 608.44 million rupees ($4.82 million), less than this year's daily average of 1.17 billion rupees.

Foreign investors were net buyers of 159 million rupees worth of shares on Wednesday, but they have been net sellers of 1.1 billion rupees so far this year.

The rupee ended weaker at 126.40/60 to the dollar from Tuesday's close of 126.15/25, dealers said. ($1 = 126.3000 Sri Lanka rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Ron Popeski)
http://in.reuters.com/article/2013/02/13/markets-srilanka-idINL4N0BD4PJ20130213

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

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Stocks close in red
By The Nation
Institutional buying on premier blue-chip John Keells Holdings failed to light up the market as profit taking and government disagreement with the IMF on further funding weighed the indices lower. Investors also failed to see the upside in equities with further reduction in Treasury bill yields in today’s auction. John Keells touched a 52 week high of Rs. 232.00 with Dialog Axiata also touching a 52 week high of Rs. 9.40.

ASI dipped 9.09 points (0.16%) to close at 5,827.02 and the S&P SL20 index lost 0.84 points (0.03%) to close at 3,257.14. Turnover was Rs. 608.5Mn.

Top contributors to turnover were John Keells Holdings with Rs. 152.3Mn, Browns Investments with Rs. 142.1Mn and Dialog Axiata with Rs. 45.9Mn. Most active counters for the day were Browns Investments, Swarnamahal Financial Services and Sampath Bank.

Notable gainers for the day were Dunamis Capital up by 12.4% to close at Rs. 12.70, Blue Diamonds up by 5.9% to close at Rs. 1.80 and Browns Investments up by 5.9% to close at Rs. 3.60. Notable losers for the day were Citrus Waskaduwa down by 4.8% to close at Rs. 6.00, Lanka Ventures down by 3.9% to close at Rs. 32.00 and Ceylon Investments down by 3.4% to close at Rs. 85.00.

Cash map for today was 48.41%. Foreign participation was 23.4% of total market turnover whilst net foreign buying was Rs. 159Mn.
http://www.nation.lk/edition/biz-news/item/15748-stocks-close-in-red.html

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