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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lankan rupee drops to near six-month low on equity outflows

Sri Lankan rupee drops to near six-month low on equity outflows

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Sri Lanka stocks close down 0.9-pct

June 21, 2013 (LBO) - Sri Lanka's stocks closed down 0.90 percent on Friday with index heavy stocks showing losses and companies with interests in gold also retreating due to a 10 percent import tax imposed by the Sri Lankan govenment , brokers said.

The benchmark Colombo All Share Index closed 56.17 points lower at 6,155.27 and the S&P SL 20 Index closed 25.57 points lower at 3,466.57 down 0.73 percent.

Turnover was 565 million rupees down from 3.4 billion a day earlier.

Foreigners brought 221 million rupees worth shares while selling 53 million rupees in a day that 38 stocks advanced and 157 stocks declined.

Nestle Lanka contributed most to the index closing at 1980.00 rupees up 68.90 rupees, The Good Hope gained 223.60 rupees to close at 1399.90 rupees and The Bukit Darah gained 5.30 rupees to close at 705.70 rupees.

Sampath Bank has the largest gold portfolio among private commercial banks,LB Finance has a 24 percent portfolio for pawning gold and Swarnamahal Financial Services involved in gold jewelry lost following the imposition of a ten percent import tax on gold, brokers said.

LB Finance lost 5.80 rupees to close at 128.00 rupees and Swarnamahal Financial Services closed at 2.40 rupees down 30 cents.

Negative contributors included John Keells Holdings losing 4.40 rupees to close at 265.10 rupees, Commercial Leasing and Finance lost 20 cents to close at 4.00 rupees and Ceylon Cold Stores lost 11.90 rupees to close at 162.90 rupees.

Pan Asia closed at 19.50 rupees up 20 cents. Union Bank of Colombo closed flat at 18.00 rupees and Commercial Bank of Ceylon lost 50 cents to close at 115.30 rupees.

Hatton National Bank closed at 161.40 rupees down 1.30 rupees following a crossing of 200,000 shares at 162 per share and Sampath Bank closed at 202.10 rupees down 6.00 rupees with a crossing of 275,289 shares at 200 rupees per share.

Distilleries Company crossed 312,000 shares at 193 rupees a share to close at 191.30 rupees down 1.60 rupees, The Lions Brewery closed at 385.60 rupees down by 13.40 rupee and Ceylon Tobacco Company closed at 1004.90 rupees up 2.10 rupees.
http://www.lankabusinessonline.com/news/sri-lanka-stocks-close-down-0.9-pct/670323172

sriranga

sriranga
Co-Admin
COLOMBO, June 21 (Reuters) - Sri Lanka's rupee hit a more than six-month low in early trade on Friday on dollar demand for equity-related transactions, but late exporter selling of the greenback helped the currency to hold ground, dealers said.

The rupee hit 129.00/10 per dollar, its lowest since Dec. 4, but recovered to end at 128.90/95, falling 0.4 percent from Thursday's close of 128.43/47.

Some foreign investors also booked forwards to hedge their exposure, amid a trend of foreign outflows in other Asian peers in the wake of a rise in U.S. Treasury yields.

'Some investors made forward booking for equity-related outflows before exporters sold dollars, which prevented further depreciation,' a currency dealer said on condition of anonymity.

'There is still depreciation pressure on the rupee.'

The rupee fell 0.33 percent this week, after losing 1.6 percent last week, which currency dealers attributed to foreign investors selling debt as part of a broader selloff in emerging markets.

The local currency has weakened 1.1 percent so far this year, following a 10.7 percent depreciation in 2012 as the central bank opted for a flexible exchange rate regime in February 2012.

Sri Lanka's main stock index fell to a near seven-week low as some foreign investors cashed in their risky Sri Lankan assets while retail investors took profits.

The bourse ended 0.9 percent, or 56.17 points, weaker at 6,155.27, its lowest since May 6 on concerns of a possible pullout by more foreign funds.

The market witnessed net foreign inflows of 167.5 million rupees ($1.31 million) on Friday, extending net foreign buying in shares to 16.2 billion rupees so far this year.

The day's turnover was at 565 million rupees, around half of this year's daily average of 1.02 billion rupees.

($1 = 128.3500 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Prateek Chatterjee)

(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/2013/06/21/3407541.htm

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

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