September 11, 2019 / 12:09 PM / 5 days ago

Sri Lankan rupee gains for third straight session; stocks steady

COLOMBO, Sept 11 (Reuters) - ** Sri Lanka’s rupee closed a tad firmer on Wednesday with foreign outflows from government securities showing a declining trend, while stocks ended steady. ** The rupee ended 0.03% firmer at 180.25/45 per dollar. It closed at 180.30/50 on Tuesday after gaining in the two sessions. The currency is up 1.3% this year. ** Foreign investors sold government securities worth 500 million rupees in the week ended Sept. 4, data showed, extending the year to date net foreign outflow to 53.7 billion rupees through Sept. 4, central bank data showed. ** The weekly outflow last week, however, was far less than the average weekly outflow of 12.85 billion rupees in the previous two weeks. ** Meanwhile, the benchmark stock index ended 0.03% weaker at 5,820.84. ** Investors have been in a wait-and-watch mode since the main opposition party named a hardline former defence chief as its presidential candidate. ** So far this year, the stock index has dropped about 3.8%. ** Equity market turnover was 427.1 million rupees ($2.37 million) on Wednesday, compared with this year’s daily average of about 648.2 million rupees so far. Last year’s daily average was 834 million. ** Foreign investors sold a net 92.9 million rupees worth of shares on Wednesday, extending the year-to-date net foreign outflow to 1.87 billion rupees worth of equities, according to index data. ** For a report on global markets, click ** For a report on major currencies, click ($1 = 180.2500 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Steve Orlofsky)

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