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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka stocks ends weaker, turnover down, after IMF warning

Sri Lanka stocks ends weaker, turnover down, after IMF warning

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sriranga

sriranga
Co-Admin
COLOMBO, Feb 14 (Reuters) - Sri Lankan stocks fell for a third straight session on Thursday to a one-week low and turnover also fell a day after the International Monetary Fund warned of slower growth, high inflation, and lower tax revenue risks.

The main share index fell 0.03 percent, or 1.73 points, to end at 5,825.29, its lowest since Feb.7.

'Investors are worried about the IMF statement,' a stockbroker said on condition of anonymity. 'The market is down on low liquidity. Investors are staying away awaiting for direction with high interest rates.'

Even though yields in T-bills fell for the 10th straight week at an auction on Wednesday, with the 364-day T-bill rate down to a near one-year low of 11.10 percent, lending rates have been more than 14.3 percent, central bank data showed.

The central bank said on Tuesday 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 for Sri Lanka.

Analysts and stockbrokers said there was a possibility interest rates would reverse the declining trend if the government resorts to expensive commercial borrowing to bridge the budget gap, after the expected IMF loan did not materialise.

The day's turnover was 470.99 million rupees ($3.72 million), the lowest since Feb. 5, and less than this year's daily average of 1.15 billion rupees.

Foreign investors were net buyers of 170 million rupees worth of shares on Thursday, but they have been net sellers of 929.31 million rupees this year.

The rupee ended weaker at 126.50/60 to the dollar from Wednesday's close of 126.40/60 due to importer dollar demand, dealers said. ($1 = 126.4750 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)(twitter.com/rangab a)
http://www.xe.com/news/2013/02/14/3205069.htm

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

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Bourse dips again
By The Nation

Banking counters led in terms of turnover as the market saw relative dull day in terms of turnover. An interim dividend of Rs. 5.00 from NDB failed to lift the spirits of investors as stocks traded on a mixed note. We have seen Dipped Products adjust positively and Bairaha Farms and Renuka Agri Foods adjust negatively according to their reported earnings. Therefore we can expect counters to adjust according to their performance in this reporting season which will give investors plenty of opportunities.

ASI dipped 1.73 points (0.03%) to close at 5,825.29 and the S&P SL 20 index gained 12.36 points (0.38%) to close at 3,269.54. Turnover was Rs. 471.0Mn.

Top contributors to turnover were Sampath Bank with Rs. 217.6Mn, Commercial Bank with Rs. 37.1Mn and National Development Bank with Rs. 25.0Mn. Most active counters for the day were National Development Bank, Swarnamahal Financial Services and Free Lanka Capital Holdings.

Notable gainers for the day were Lighthouse Hotel up by 22.4% to close at Rs. 52.00, Free Lanka Capital Holdings up by 8.3% to close at Rs. 2.60 and Durdans up by 4.9% to close at Rs. 105.00. Notable losers for the day were Lion Brewery down by 7.1% to close at Rs. 316.00, Hydro Power Free Lanka down by 6.0% to close at Rs. 6.30 and Ceylinco Insurance down by 4.9% to close at Rs. 951.00.

Cash map for today was 45.7%. Foreign participation was 28.2%% of total market turnover whilst net foreign buying was Rs. 170.6Mn.
http://www.nation.lk/edition/biz-news/item/15755-bourse-dips-again.html

sahan8896


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Redbulls wrote:Bourse dips again
By The Nation

Banking counters led in terms of turnover as the market saw relative dull day in terms of turnover. An interim dividend of Rs. 5.00 from NDB failed to lift the spirits of investors as stocks traded on a mixed note. We have seen Dipped Products adjust positively and Bairaha Farms and Renuka Agri Foods adjust negatively according to their reported earnings. Therefore we can expect counters to adjust according to their performance in this reporting season which will give investors plenty of opportunities.

ASI dipped 1.73 points (0.03%) to close at 5,825.29 and the S&P SL 20 index gained 12.36 points (0.38%) to close at 3,269.54. Turnover was Rs. 471.0Mn.

Top contributors to turnover were Sampath Bank with Rs. 217.6Mn, Commercial Bank with Rs. 37.1Mn and National Development Bank with Rs. 25.0Mn. Most active counters for the day were National Development Bank, Swarnamahal Financial Services and Free Lanka Capital Holdings.

Notable gainers for the day were Lighthouse Hotel up by 22.4% to close at Rs. 52.00, Free Lanka Capital Holdings up by 8.3% to close at Rs. 2.60 and Durdans up by 4.9% to close at Rs. 105.00. Notable losers for the day were Lion Brewery down by 7.1% to close at Rs. 316.00, Hydro Power Free Lanka down by 6.0% to close at Rs. 6.30 and Ceylinco Insurance down by 4.9% to close at Rs. 951.00.

Cash map for today was 45.7%. Foreign participation was 28.2%% of total market turnover whilst net foreign buying was Rs. 170.6Mn.
http://www.nation.lk/edition/biz-news/item/15755-bourse-dips-again.html
Very funny who's reacting according to IMF.There's no law to indicate reasons for market movement everyday.

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