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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Sri Lanka shares, rupee extend losses

Sri Lanka shares, rupee extend losses

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1Sri Lanka shares, rupee extend losses Empty Sri Lanka shares, rupee extend losses Wed Aug 07, 2019 7:02 am

Miss-Sangeetha

Miss-Sangeetha
Moderator
Moderator
Sri Lankan shares fell for the fifth straight session on Monday and closed at their lowest in more than one week, as investors sold banking and telecom stocks, while the rupee ended weaker due to importer dollar demand.  The country’s benchmark stock index ended 0.09% down at 5,889.67, its lowest close since July 26. The bourse gained 0.37% last week, recoding its sixth straight weekly gain.

 So far this year, the index is down about 2.7%.  Turnover was 534.3 million rupees ($3.02 million), less than this year’s daily average of about 640.4 million rupees so far. Last year’s daily average came in at 834 million rupees.

Foreign investors bought a net 60.9 million rupees worth of shares on Monday, extending the year-to-date net foreign buying to 574.8 million rupees worth of equities, according to index data.

Shares of Sampath Bank Plc declined 2%, Hemas Holdings Plc fell 2.4%, Dialog Axiata Plc closed down 0.9% and Sri Lanka Telecom Plc ended 1.8% weaker. Meanwhile, the rupee slipped for a sixth straight session and ended at 176.95/177.05 per dollar, compared with Friday’s close of 176.60/70.

The rupee fell 0.25% last week, but is up 3.2% so far this year.

The central bank left key interest rates unchanged on July 11 as expected, after cutting them in May to support the economy as tourism and investment plummeted in the wake of deadly suicide bombings in April.

 Foreign investors sold a net 5.11 billion rupees worth of government securities in the week ended July 31, extending the year-to-date net foreign outflow to 27.31 billion rupees, central bank data showed.

Source-Adaderana /Reuters

2Sri Lanka shares, rupee extend losses Empty Re: Sri Lanka shares, rupee extend losses Wed Aug 07, 2019 12:06 pm

samaritan


Moderator
Moderator
The impact of PV (Political Volatility) factor put CSE in sluggish mode. Bargain hunters are in action armed with access to pending big news. Wait and see how things are going to turn around!


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