CSE ends at 1-week low; rupee weaker

Saturday, 3 August 2019 00:01 - - {{hitsCtrl.values.hits}}

Reuters: Sri Lankan shares recovered from an intraday fall of over 1% to close flat on Friday, while the rupee ended weaker due to importer dollar demand.

The country’s benchmark stock index ended 0.04% down at 5,894.70, a one-week low. However, the bourse is up 0.37% for the week, its sixth straight weekly gain.

So far this year, the index is down about 2.61%.

The stock market had a turnover of Rs. 900.2 million ($5.10 million), more than this year’s daily average of about Rs. 641.1 million so far. Last year’s daily average came in at Rs. 834 million.

Foreign investors sold a net Rs. 112.5 million worth of shares on Friday, but they have been net buyers of Rs. 513.9 million worth of equities so far this year, according to index data.

Shares of conglomerate John Keells Holdings PLC fell 2%, Melstacorp Ltd. declined 2.2%, Ceylon Cold Stores PLC dropped 3.2% and the biggest listed lender Commercial Bank of Ceylon PLC ended 1.5% weaker.

The rupee slipped for a fifth straight session and ended at 176.60/70 per dollar compared with Thursday’s close of 176.50/60.

The rupee fell 0.25% for the week, but is up 3.5% so far this year.

The central bank left key interest rates unchanged on 11 July 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 Rs. 3.74 billion worth of government securities in the week ended 24 July, extending the year-to-date net foreign outflow to Rs. 22.19 billion, Central Bank data showed.