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Stocks at 3 - month low on high rates; rupee up

4 December 2012 03:02 am - 0     - {{hitsCtrl.values.hits}}

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Sri Lankan stocks slipped to a three-month low yesterday in thin volume as high interest rates weighed on sentiment with investors shunning risky assets and moving in to highyielding government securities.

The Colombo Stock Exchange’s main index ended 0.25 percent or 13.54 points, weaker at 5,337.71, its lowest close since September 4.

“There is negative sentiment among local investors,” said one broker, who declined to be identified, adding that high interest rates had led to a lack of liquidity.

The yield for 364-day T-bills gained for a seventh consecutive week at an auction on Wednesday. Analysts say investors have been shifting to fixed deposits from equities since the Central Bank kept key policy rates at three-year highs on November 9.

The day’s turnover was Rs.173.3 million ($1.33 million), well below this year’s daily average of Rs.900 million. Foreign investors bought a net Rs.7.96 million worth of shares, extending the net foreign inflow this year to Rs.35.5 billion.

The rupee closed firmer at 129.30/35 to the dollar compared with Friday’s close of 130.24/28 on foreign inflow into a foreign bank, dealers said.

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Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

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