Sri Lanka stocks recover on foreign buying, hopes of falling rate

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Sri Lanka stocks recover on foreign buying, hopes of falling rate

Post by Admin on Mon Jun 10, 2013 8:16 pm

COLOMBO, June 10 (Reuters) - Sri Lankan shares recovered on
Monday from a three-week closing low hit in the previous
session, gaining for the first time in six sessions on foreign
buying in blue chips and hopes of interest rates falling further
after the central bank comments.
The island nation's central bank head on Friday said the
monetary authority is to issue guidelines to direct banks to cut
lending rates and narrow the gap with the inflation rate, after
it kept the key policy rates unchanged.
"Expectations of market interest rates falling further
boosted sentiment," a stockbroker told on condition of
anonymity. "We expect the market lending rates to fall from this
week despite the central bank holding the rates flat."
The main stock index rose 0.54 percent, or 33.85
points, to 6,341.28, edging up from its lowest close since May
16.
Foreign investors were net buyers of shares for a 22nd
straight session. The bourse saw a net foreign inflow of 357.6
million rupees ($2.83 million), extending the year-to-date
inflows to 15.96 billion rupees.
They accounted for around 56.92 percent of the day's
turnover of 825.9 million rupees, less than this year's daily
average of 1.04 billion rupees.
Shares in conglomerate John Keells Holdings rose
2.94 percent to 272.80 rupees.
The rupee ended weaker at 126.55/60 per dollar from
Friday's close of 126.45/50 on demand for greenbacks from
importers, dealers said.
($1 = 126.3500 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by
Subhranshu Sahu)

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Re: Sri Lanka stocks recover on foreign buying, hopes of falling rate

Post by sun bird on Mon Jun 10, 2013 8:22 pm

good Monday to start with a green end.

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