Turnover at the Colombo Stock Exchange reached a whopping Rs. 15.7 billion with a major deal going through involving a JKH stake held by the EPF (see lead story) which lifted up the bourse but only temporarily strengthened the rupee.
The All Share Price Index rose 0.96 percent to close 51.85 points higher at 5,449.05 while the Milanka Price Index of more liquid stocks gained 0.63 percent to close at 4,864.25, up 30.57 points.
Around 113.5 million shares changed hands during the day.
The huge Rs. 14.5 billion sale of JKH shares held with the EPF raised sentiments in other counters as well with 154 counters closing in positive territory as against 53 that closed in the red. This deal also buoyed the rupee but only for a while.
News of the EPF sale of JKH shares strengthen the rupee against the dollar, but when it became apparent the foreign inflow to the stock exchange was locked in by the Central Bank, the rupee plummeted.
The rupee began the day at Rs. 125.0/25 against the greenback but strengthened to around Rs. 124 on the news that a Malaysian Fund, state-owned Khazana Nasional Berhard had brought US$ 114 million worth of JKH shares.
"The Central Bank kept the dollars so importers had to come to the market for their dollar requirements which resulted in the rupee falling to around Rs. 126.40/60 at one stage," a currency dealer said.
Soon after, the rupee strengthened somewhat, reaching Rs. 125.50/126.0 half an hour before the close of the day’s trading. The rupee finally settled around Rs. 125.50.
source - www.island.lk
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