Thursday August 22, 2019

Sri Lanka rupee ends firmer, stocks down 0.46-pct

Apr 08, 2019 15:06 PM GMT+0530 | 0 Comment(s)


ECONOMYNEXT - The Sri Lanka rupee closed stronger Monday at 174.60/70 rupees against the US dollar, as gilt yields edged higher and stocks closed 0.46 percent lower on selling interest in John Keells Holdings, LOLC Holdings and Chevron Lubricants Lanka, market participants said.

The rupee closed Friday 174.80/175 rupees against the greenback. The currency has been strengthening against the US dollar in recent weeks on low credit growth.

Gilt yields in the secondary market edged higher even as the Central Bank kept policy rates unchanged.

A bond maturing in 2021 ended at 10.30/35 percent in two-way quotes, up slightly from Friday's 10.28/32 percent closing.

A bond maturing in 2023 was up at 10.70/85 percent, from the previous close of 10.62/65 percent.

A bond maturing in 2024 was at 10.85/11.00 percent, up from Friday's 10.90/95 percent close.

A bond maturing in 2029 ended at 11.20/30 percent, up from the previous close of 11.15/20 percent.

In equities, Colombo's benchmark All Share index closed 0.46 percent lower, down 25.90 points to 5,595.46, and the S&P SL20 index of more liquid stocks ended 0.78 percent lower, down 21.39 points to 2,721.08.

Market turnover was 690.4 million rupees, up from 219.9 million rupees the previous close, with 72 stocks ending lower against 34 that gained during the day.

John Keells Holdings (down 3 rupees to 151 rupees), LOLC Holdings (down 4.90 rupees to 90 rupees) and Chevron Lubricants Lanka (down 3.70 rupees to 60 rupees) contributed to the benchmark index decline.

Net foreign selling was 34.3 million rupees, against net selling of 7.3 million rupees on Friday.

Foreign selling in John Keells Holdings was 31 million rupees and 6.9 million rupees in Chevron Lubricants, according to Asia Securities.

Dialog was down 10 cents to 9.40 rupees and Teejay Lanka ended 1 rupee lower at 30.50 rupees.

Melstacorp gained 1.10 rupees to close at 39.20 rupees, LOLC Finance was up 10 cents to 3.40 rupees and DFCC Bank ended 70 cents higher at 71.90 rupees.

 There were three crossings, or off-market negotiated trades, in Melstacorp for 239.1 million rupees accounting for nearly 35 percent of market turnover. (COLOMBO, 8 April 2019-SB)


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