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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lankan stocks close at 7-week low; budget awaited

Sri Lankan stocks close at 7-week low; budget awaited

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sriranga

sriranga
Co-Admin
COLOMBO, Nov 20 (Reuters) - Sri Lankan stocks fell to a seven-week closing low on Wednesday led by blue-chips and large-caps as investors awaited directions from the 2014 budget, which will be presented later this week.

The main stock index closed 0.27 percent, or 15.62 points, weaker at 5,793.53, its lowest level since Oct. 1.

Sri Lankan President Mahinda Rajapaksa, who is also the finance minister, will unveil the 2014 budget on Thursday that is expected to include populist measures ahead of a possible election year as well as some tax hikes to enable the government to further trim its still-large fiscal deficit.

Stockbrokers said worries that companies could be subjected to possible tax hikes in the budget dented sentiment.

Shares in top fixed-line phone operator Sri Lanka Telecom fell 2.36 percent to 37.30 rupees, diversified conglomerate Carson Cumberbatch PLC lost 2.13 percent to 372 rupees, while Ceylon Tobacco Company PLC ended 0.89 percent weaker at 1,060.00 rupees.

The bourse has been sluggish due to concerns over a drop in September-quarter earnings. Many listed firms release their quarterly earnings this month.

The day's turnover was 486.4 million rupees ($3.71 million), lower than this year's daily average of around 855.4 million rupees.

Foreign investors were net sellers for the first time in the last five sessions, selling 74.6 million rupees of shares on Wednesday, but the country has seen 22.8 billion rupees of net foreign inflows year-to-date this year.

($1 = 131.1000 Sri Lanka rupees)

(Reporting by Shihar Aneez and Ranga Sirilal; Editing by Sunil Nair)

(shihar.aneez@thomsonreuters.com)(+94-11-232-5540)

(Reuters Messaging: shihar.aneez.thomsonreuters.com@reuters.net)(twitter.com/shihara neez)
http://www.xe.com/news/2013/11/20/3673169.htm?c=1&t=

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

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
This government should negotiate the repayment terms of all Chinese loans they have taken in last few years.

Apart from remittance, more $ bonds is the only other escape route.

Hope our religious leaders will identify the necessity of Casino lead Tourism.

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Sri Lanka to raise US$1.5bn through international bonds in 2014

Nov 21, 2013 (LBO) - Sri Lanka is evaluating lead managers to sell international bonds in 2014 who will advise on the timing and mix of the program, Central Bank Governor Nivard Cabraal said.

Bids to select lead managers closed on Monday.
A budget for 2014 said Sri Lanka wanted to raise a 750 million dollar sovereign bond.

Another 750 million US dollars would be raised by Sri Lanka's Urban Development Authority under a Treasury guarantee.

UDA money will be used to build urban and estate housing, President Mahinda Rajapasksa said.

The government planned to build 50,000 high quality houses in estates to replace existing "poor quality" houses, he said.

http://www.lankabusinessonline.com/news/sri-lanka-to-raise-us$1.5bn-through-international-bonds-in-2014/335052095

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