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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Turnover dips ahead of New Year holidays

Turnover dips ahead of New Year holidays

+2
Redbulls
sriranga
6 posters

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sriranga

sriranga
Co-Admin
COLOMBO, April 8 (Reuters) - The Sri Lankan rupee gained slightly to its highest close in a year on Monday on dollar inflows from inward remittances and exporter conversions ahead of the traditional new year, dealers said.

The rupee edged up to 125.50/55 to the dollar, from Friday's close of 125.50/70, its strongest close since April 9, 2012.

'There are strong inflows from inward remittances. Exporters also converted dollars to pay salaries and bonuses ahead of the new year festival,' said a currency dealer who declined to be identified.

'A state bank was seen buying dollars at 125.50 to prevent sharp appreciation.'

Most Sri Lankans will celebrate the traditional new year on April 13 and April 14.

The currency has risen 1.6 percent this year after falling 10.7 percent in 2012.

The main stock index ended 0.2 percent, or 11.44 points, firmer at 5,777.38, its highest since Feb. 15.

Turnover slumped to a two-week low of 398 million rupees, less than half of this year's daily average of 1 billion rupees as many investors were on holiday ahead of the traditional new year.

Foreign investors were net buyers of 34.8 million rupees worth of shares, extending the year-to-date net foreign inflow to 5.85 billion rupees ($46.58 million). Last year, the bourse saw a net inflow of $303 million. ($1 = 125.6000 Sri Lanka rupees)

(Reporting by Shihar Aneez; Editing by Subhranshu Sahu)

(shihar.aneez@thomsonreuters.com)(+94-11-232-5540)(Reuters Messaging: shihar.aneez.thomsonreuters.com@reuters.net)
http://www.xe.com/news/2013/04/08/3293777.htm?c=1&t=

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

2Turnover dips ahead of New Year holidays Empty Turnover dips ahead of New Year holidays Mon Apr 08, 2013 5:42 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
WRITTEN BY THARANGA SENARATNE

Apr 08, 2013 (LBT) - ASPI continues its green ride: Colombo stocks settled in the green for yet another day taking the count to 5 consecutive days. As expected with the week falling just before the New Year holidays, turnover and activity of the market dipped with today’s turnover recording a mere LKR398mn. However the bourse was on an uptrend supported by Distilleries, Vallibel One and Carsons allowing the index to gain by 11 points. S&P SL20 saw a more volatile path but also gained 9 points.

UBC top performer for 2nd consecutive day: Union Bank saw heavy investor interest extending Friday’s gains as it reached a new 52-week high price of LKR23.7. A high level of retail interest was noted in the counter as it traded 2.8 mn shares closing on positive note at LKR22.6 (+2.3%). Pan Asia Bank recorded the only off-market deal for the day with 1.1mn shares changing hands at LKR21.0. BFI stayed steady with continued interest: Banking and finance sector generated turnover but saw some selling pressure in selected counters. Sampath Bank and Commercial Bank which completed their scrip dividend and cash dividend last week generated selling pressure as the former closing flat and latter closing with a dip of 0.4%. Further interest was noted in Nations Trust Bank, National Development Bank and DFCC.

Improved retail activity: Retail activity was heavy in Union Bank, but the rest of the market saw a declining trend in the retail segment primarily led by the upcoming holiday season.
http://lbt.lk/stock-market/movement/4109-turnover-dips-ahead-of-new-year-holidays

Rapaport

Rapaport
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
This means forex losses for banks and export companies like tea this qtr...

cheers!

sahan8896


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Turnover dips because of lack in crossings.For weeks turnover was this much without crossings. Very Happy Very Happy

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
You have a point. Seems this new year season is more active than usual ;-)

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
This remind me new year in 2010, market gained substantially

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@slstock wrote:You have a point. Seems this new year season is more active than usual ;-)

See this link from our forum.
http://forum.srilankaequity.com/t26950-what-will-happen-during-festival-season#157630

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