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Maiden session of eighth P’ment fails to lift bourse

2 September 2015 03:14 am - 0     - {{hitsCtrl.values.hits}}

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The first session of the 8th Parliament failed to lift the spirits of the country’s capital market stakeholders yesterday as the bourse closed on a negative note with both indices ending in the red territory. 

The benchmark All Share Price Index lost more than 8 points or 0.11 percent to 7, 292.75 while the more liquid S&P SL20 index lost almost 19 points or 0.47 percent to 4007.32.  Year to date ASPI Performance stood at -0.7 percent. 

The Central Bank on Monday kept policy rates unchanged as largely expected. However, the market seemed to be waiting for the Wednesday’s Treasury bill auction for interest rate direction.

Though the market stakeholders Mirror Business talked to in general were optimistic about the recent political and macroeconomic developments, they said investors were expecting a clear policy direction from the new government. 

According to SC Securities, foreigners were the net seller yesterday, recording a net outflow of Rs.97 million. Foreign purchases amounted to Rs.19.7 million, whilst foreign sales amounted to Rs.116.5 million. Market capitalization stood at Rs.3,100.9 billion. 

However, the day’s turnover improved over 41 percent to Rs.732 million compared to Monday but sharply below the twelve month average daily turnover of Rs.1.16 billion.  Yesterday’s market performance was negatively impacted by the share price declines of heavyweights such as DFCC Bank, Commercial Bank, John Keells Holdings, Ceylon Tobacco Company, and Hatton National Bank.

Top contributory counters towards the day’s turnover were Ceylon Hotels Corperation, Janashakthi Insurance Company, Kahawatte Plantations, George Steuart Finance and Laugfs Gas.


 


Rupee ends steady on dollar selling by state-run bank

REUTERS: The Sri Lankan rupee ended steady yesterday as a state-run bank, through which the Central Bank usually directs the market, sold dollars at 134.50 a day after it raised the local currency’s peg against the dollar for a second straight session.

Currency dealers said the pressure on the rupee eased due to some inward remittances, but they expect the Central Bank to let the rupee weaken due to importer dollar demand and a global trend of weakening currencies against the dollar.

“There were some inward remittances which eased the pressure today but the import demand was there,” said a currency dealer asking not to be named. The rupee ended steady at 134.50 per dollar.

On Monday, the state-run bank raised the rupee’s peg to the dollar by 20 cents, allowing the exchange rate to depreciate to 134.50.

The Central Bank left its key interest rates steady at record lows on Monday as expected, with inflation seen lower in the next few months, and said it was keen to avoid any excessive growth in credit.

The bank said a rapid rise in imports of consumer durables, including motor vehicles, driven by credit available at low interest rates, among other things, had raised some concerns.

Analysts say the rupee may fall to 138 levels in the short term if the Central Bank allows it to depreciate without selling dollars through the state bank.

 
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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

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