Wednesday, 27 November 2019 06:18

Shares edge up, rupee falls

Reuters: Shares recovered yesterday from a more than one-week closing low in the previous session, as investors picked up beverage and manufacturing shares.

The benchmark stock index CSE ended up 0.18% at 6,094.85, edging higher from its lowest close since 15 November hit on Monday. The Bourse gained 1.6% last week, and is up 0.70% for the year.

Analysts said investors are awaiting some policy directions from the country’s newly-elected President Gotabaya Rajapaksa.

The Lankan rupee ended 0.36% weaker at 181.50/90 per dollar, slipping from Monday’s close of 180.85/181.05, Refinitiv data showed. It is up 0.6% so far this year.

Foreign investors were net sellers for 21 sessions in 23.

They sold a net Rs. 101.5 million ($ 563,889) worth of shares yesterday, extending the net selling so far this year to Rs. 9.27 billion worth of equities, according to index data.

Equity market turnover was Rs. 633.3 million, less than this year’s daily average of about Rs. 709 million. Last year’s daily average was Rs. 834 million.

Foreign investors were net buyers of government securities on a net basis for the fifth straight week, purchasing a net Rs. 0.21 million worth of government securities in the week ended 20 November.

Total foreign outflows from government securities through 20 November stood at Rs. 48 billion, Central Bank data showed.

Rajapaksa last week appointed his brother Mahinda Rajapaksa, the current Prime Minister, as the new Finance Minister.

Rajapaksa has also appointed a 15-member Cabinet and is expected to name junior ministers. That will follow the appointments of officials to head State-owned firms, Government officials say.

 

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