Stocks mark 2-week closing low; budget, corporate earnings eyed

14 October 2015 04:30 am - 0 - {{hitsCtrl.values.hits}}

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REUTERS: Sri Lankan shares closed at their lowest level in two weeks yesterday as investors waited for clues from government budget and September-quarter corporate results, brokers said.

The main stock index ended 0.3 percent, or 21.55 points, weaker at 7,078.45, its lowest closing since Sept. 30.

“Selling of large-cap shares was absorbed with the anticipation of the market reviving after the budget,” said Danushka Samarasinghe, research head at Softlogic stockbrokers.

Analysts said investors were cautious ahead of Prime Minister Ranil Wickremesinghe’s policy statement next month outlining his government’s economic priorities.

Turnover stood at Rs.1.16 billion ($8.26 million), compared with this year’s daily average of Rs.1.11 billion.

Foreign investors were net sellers of Rs.278.4 million worth of shares yesterday, extending the year-to-date net foreign outflow to Rs.3.08 billion.

Shares of Chevron Lubricants Lanka Plc fell 1.80 percent, Union Assurance Plc dropped 7.39 percent and Dialog Axiata Plc declined 0.89 percent.

Rupee ends weaker
REUTERS: The Sri Lankan rupee ended weaker yesterday due to importer dollar demand and weak exporter dollar sales, dealers said.
The rupee ended at 140.55/60 per dollar compared with Monday’s close of 140.40/45.

“Exporters are holding on and not converting many dollars. They expect a further fall,” said a currency dealer who asked not to be named.

The rupee hit a record low of 141.40 per dollar on Sept 28, but recovered slightly after a state-run bank sold dollars.

Dealers said importer dollar demand has fallen following government measures to discourage vehicle imports but the seasonal imports are expected to pick up.

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Stocks mark 2-week closing low; budget, corporate earnings eyed

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