Thursday August 22, 2019

Sri Lanka rupee, stocks open steady

Apr 08, 2019 10:20 AM GMT+0530 | 0 Comment(s)

ECONOMYNEXT – The Sri Lanka rupee opened steady at 174.85/175.00 rupees against the US dollar in the spot market Monday while gilt yields were steady ahead of the monetary policy statement and stocks opened flat amidst gains in banking and financial services stocks, market participants said.

The rupee closed Friday at 174.80/175.00 rupees against the greenback. The currency has been strengthening in recent weeks due to weakening import demand on the back of low credit growth and export conversions, dealers said.

In equities, Colombo's All Share gained 0.03 percent, up 1.89 points to 5,623.25 and the S&P SL20 of more liquid stocks gained a sharp 0.61 percent, up 16.63 points to 2,759.10.

Amana Bank was up 10 cents to 2.90 rupees, Dunamis Capital gained 1.60 rupees to 31.60 rupees and Expolanka was trading 10 cents higher at 10 cents to 4.20 rupees.

Dialog was down 10 cents to 9.40 rupees, and Janashakthi Insurance was down 70 cents to 26 rupees.

Richard Pieris was down 10 cents to 9.10 rupees.

Gilt yields were steady in the secondary market on low volumes ahead of today's monetary policy statement.

The Central Bank is unlikely to increase rates, and market sentiment was split between policy rates being cut and held unchanged, market participants said.

A bond maturing in 2021 was quoted at 10.25/35 percent, slightly broader from Friday's 10.28/32 percent closing.

A bond maturing in 2023 opened at 10.63/68 percent, broadening from the previous close of 10.62/65 percent.

The bond maturing in 2026 was slightly higher at 10.92/11.00 percent, up from Friday's 10.90/95 percent. (COLOMBO, 8 April 2019-SB)



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