Friday Dec 13, 2024
Friday Dec 13, 2024
Friday, 13 October 2017 00:00 - - {{hitsCtrl.values.hits}}
Reuters: Shares rose about 1% on Thursday in heavy trade and posted their highest close in more than 10 weeks, with banks leading the gains, brokers said.
Turnover was Rs. 1.43 billion ($ 9.30 million), well above this year’s daily average of Rs. 938.4 million.
The Colombo stock index rose for a third straight session and ended 0.94% firmer at 6,621.56, its highest close since 31 July.
“Interest on banks was high. Mid-cap and plantation shares were also on demand,” said Softlogic Stockbrokers deputy CEO Hussain Gani.
Shares of Ceylon Cold Stores Plc ended 5.9% firmer, Hatton National Bank Plc rose 2.7%, DFCC Bank Plc ended up 6.1% and Sri Lanka Telecom Plc climbed 5.7%.
Foreign investors were net sellers of shares worth Rs. 274 million on Thursday, after having bought Rs. 3.7 billion of equities in the 16 sessions through Tuesday. They have net bought Rs. 20.2 billion worth of shares so far this year.
Reuters: The rupee ended weaker for the fourth consecutive session on Thursday as banks bought dollars on behalf of state-run Ceylon Petroleum Corp, which stocked up crude ahead of an expected fuel price hike, dealers said. The spot rupee ended at 153.72/80 per dollar, weaker from Wednesday’s close of 153.50/60.
“The demand was there throughout the day. State banks were buying dollars mainly for oil imports,” said a currency dealer who requested anonymity. “As the fuel price is expected to rise soon, there is a dollar demand for oil imports. We also saw some demand from construction-related imports,” he added.
Crude prices are expected to rise in the country after private fuel retailer Lanka IOC informed local media it is likely to increase rates as they have been selling at a loss. The rupee has been under pressure since January after the central bank stopped defending the currency and started buying the dollar to build the country’s depleted foreign currency reserves.
The island nation saw Rs. 20.2 billion ($ 131.42 million) of net inflows into equities this year as of Thursday’s close, and Rs. 31.1 billion worth inflows into government securities as of 4 October, official data showed.
