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Stocks, rupee slip ahead of presidential polls

15 November 2019 12:01 am - 0     - {{hitsCtrl.values.hits}}

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REUTERS: Sri Lankan shares ended weaker yesterday, edging lower from their near one-week high hit in the previous session, as investors sold healthcare and telecommunication shares ahead of Saturday’s presidential vote.


Campaigning for the polls ended on Wednesday midnight.


Though wartime defence chief Gotabaya Rajapaksa, who is backed by majority Sinhala Buddhists had early lead in the poll, the momentum has now tilted in favour of rival Sajith Premadasa who is backed by all communities in Sri Lanka, political analysts say.


There are no official opinion polls in Sri Lanka.


The country’s main Tamil party last week announced its support for Premadasa, giving him an edge over Rajapaksa.


There are concerns over giveaways promised by the two top presidential candidates after officials and a credit rating agency warned that their pledges could push the country deeper into debt.

The International Monetary Fund approved the release of sixth tranche of a US$ 1.5 billion loan programme for Sri Lanka, but asked the authorities to show fiscal discipline.
Premadasa has promised free housing for all, free school uniforms and meals for students, and free fertilizer for farmers among other things.


Rajapaksa has vowed to cut in half a value-added tax of 15 percent and abolish some taxes as a way to reignite consumption. 


“Whoever wins the election, we won’t see a huge spike until we see proper policies of the new president,” said Dimantha Mathew, head of research at broker First Capital Holdings.
The benchmark stock index ended 0.16 percent lower at 5,980.07. The bourse fell 1.3 percent last week, ending a four-week run of gains. The index is down 1.19 percent for the year.
The rupee ended 0.06 percent weaker at 180.30/40 per dollar, compared with Wednesday’s close of 180.20/40. The currency is up 1.3 percent so far this year.


Foreign investors were net sellers of riskier assets for a sixth straight session yesterday.


They sold a net Rs.5.8 million (US$32,132.96) worth of shares yesterday, extending the net foreign outflow from the equities market to Rs.7.3 billion for the year, according to index data.
Equity market turnover was Rs. 635.5 million, less than this year’s daily average of about Rs. 686.9 million. Last year’s daily average was Rs.834 million.


Meanwhile, foreign investors bought government securities on a net basis for the third time in five weeks, buying a net Rs.1.88 billion worth of government securities in the week ended Nov. 6.


Total foreign outflows from government securities through Nov. 6 stood at Rs. 50.2 billion, the Central Bank data said. The Central Bank Left its key rates unchanged on Oct. 11 after loosening its monetary policy this year. However, growth is likely to remain subdued in the face of rising global risks.

 

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