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Sri Lanka stocks gain, rupee slides

ECONOMYNEXT – Sri Lanka stocks gained 0.12 percent after a volatile start Thursday with the police lifting six hours in advance a curfew imposed to curb riots in Kandy , while the rupee fell sharply against the US dollar.

The rupee was trading at 155.60/70 against the US dollar in the spot market on Thursday morning, on local banks purchasing greenbacks, dealers said. The rupee closed Wednesday at 155.30/40.

The government securities market was relatively quiet, dealers said.

The police announced a 24-hour curfew at 4 pm Wednesday in Kandy after the government declared a state of emergency to curb riots and arson targeting Muslim shops and homes there.

The All Share index gained 0.12 percent in early trading Thursday, up 7.50 points 6,511.36 after the police announced the curfew will be lifted at 10 am.

Brokers say foreign investors are keeping a close eye on developments in Kandy.

East West Properties was trading 4 rupees higher at 19.80 rupees, with trades in the stock accounting for 43 percent of market turnover.

East West Properties said it will sell its 72 percent stake in a southern high-rise beach resort managed by Marriot to Singapore’s hospitality management firm HPL Hotels & Resorts.

Sampath Bank fell 2.36 rupees to 305 rupees in early trading. Janashakthi Insurance gained 1.70 rupees to 25.80 rupees. (COLOMBO, February 08, 2018)






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