Thursday Nov 14, 2024
Thursday Nov 14, 2024
Saturday, 19 November 2011 01:40 - - {{hitsCtrl.values.hits}}
Reuters: Sri Lanka’s stock market gained on Friday in bargain-hunting ahead of the 2012 budget next week, while the rupee currency ended weaker as the Central Bank raised the dollar trading band.
The main share index rose 0.79 per cent or 47.96 points firmer at 6,140.52, highest since Nov. 15.
The Government on Wednesday after the market closed said it had no plans to target any other businesses for takeover aside from the 37 properties listed in an asset acquisition act passed last week.
Shares in Lanka Walltile PLC rose 5.4 per cent to Rs. 100.10. After the market closed, Lanka Ceramic PLC informed the bourse that it had bought 5.5 million shares of Lanka Walltile.
Market heavyweight John Keells Holdings PLC, which accounted for a 28.2 per cent of the day’s Turnover, fell 0.29 per cent to Rs. 174.40.
The bourse fell 4.9 per cent in first three days of the week and 2.87 per cent so far this week, which analysts attributed to investor confusion about the legislation. Credit ratings agencies warned the act could hurt investor sentiment.
The day’s turnover was Rs. 1.8 billion ($ 16.3 million), highest since 31 October, but less than last year’s average of 2.4 billion and this year’s 2.5 billion. Average turnover in the last 10 sessions has been Rs. 757 million.
Total volume was 86.4 million shares, highest since 16 November, against a five-day average of 65.1 million. The 30-day and 90-day average trading volumes were 59.5 million and 102.8 million. Last year’s daily average was 67.9 million.
The bourse has fallen 9.5 per cent since 1 October and is Asia’s seventh-best performer with a year-to-date loss of 7.5 per cent after being on the top for most of 2011, and giving the best returns in Asia in 2009 and 2010.
The bourse saw a net foreign outflow of Rs. 182.9 million on Friday, and thus far in 2011, offshore investors have sold 16.9 billion, and a record 26.4 billion in 2010.
Gainers outnumbered losers by 154 to 49 on Friday, Thomson Reuters data showed.
The rupee weakened to 110.38/40 a dollar from Thursday’s 110.18/20, after a State bank sold dollars at 110.40, raising the dollar trading band by 20 cents to 110.00/110.40 from 109.80/110.20 in line with regional currency depreciation and heavy importer dollar demand for dollars, dealers said.
