Thursday Dec 12, 2024
Thursday Dec 12, 2024
Tuesday, 8 November 2016 00:01 - - {{hitsCtrl.values.hits}}
Reuters: Sri Lankan shares closed at a more than two-week high led by large-cap beverages stocks while foreign investors picked up beaten down counters ahead of the national budget scheduled on 10 November.
The benchmark index of the Colombo Stock Exchange ended 0.15% firmer, or 9.80 points, at 6444.97, its highest close since 21 October.
Turnover stood at Rs. 406.1 m, more than half this year’s daily average of Rs. 717.4 m.
Foreign investors bought battered stocks for a fourth straight session, picking up shares worth a net Rs. 188.9 m. They have net sold Rs. 1.02 b worth of shares so far this year.
“It looks like wheels are slowly starting to move with the budget getting closer,” said Richard Pieris Securities ltd Chied Operating Officer Reshan Kurukulasuriya.
Shares in Ceylon Cold Store Plc jumped 6.14% while Nestle Lanka Plc rose 2.41% and Cargills (Ceylon) Plc rose 3.99%.
Conglomerate John Keells Holdings Plc rose 0.40%. The company on Friday reported an 8% rise in second quarter net profit.
Reuters: The Sri Lankan rupee ended firmer on Monday as Dollar selling by exporters and banks outpaced demand for the greenback from importers, dealers said.
Rupee forwards were active, as one-week forwards edged up to close at 148.20/30 per dollar, compared with Friday’s close of 148.35/45.
“Rupee ended firmer on dollar sales by exporters and banks,” a currency dealer said, asking not to be named.
The Rupee has also been hit by selling of Government securities by foreign investors, dealers said.
Foreign investors have net sold Rs. 24.5 b worth of Government securities in the three weeks ended 2 November, data from the Central Bank showed.
The Sri Lankan Central Bank Governor said last week that he expected the Rupee to stabilise when a stake sale, worth $ 1 b, in the southern port of Hambantota to a Chinese investor is completed in four to five months.
Governor Indrajit Coomaraswamy said proceeds of the stake sale would be converted into Rupees, easing the strain on the currency that has been under pressure since mid-September due to seasonal demand for the U.S. dollar from importers.
