Sri Lanka rupee opens steady, stocks gain
Apr 17, 2019 11:01 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT- Sri Lanka's rupee opened steady at 174.60/70 against the US dollar in the spot market Wednesday, and was trading at around 174.65/75 mid-morning, while bond yields were around the same levels as stocks edged higher, market participants said.
The rupee had closed at 174.60/70 to the US dollar in the spot market on Tuesday.
At the Colombo Stock Exchange, the All Share Price Index (ASPI) was up 3.81 points, gaining 0.07 percent to 5,595.64 in the first hour of trading, while the more liquid S&P SL20 Index was up 12.92 points to 2,735.06.
Market turnover was 49.5 million rupees with 17 stocks gaining and 15 falling.
Dialog Axiata was contributing to the ASPI gain, up 30 cents to 9.30 rupees a share, while Chevron Lubricants Lanka was up 2.20 rupees to 64 rupees a share.
Index-heavy John Keells Holdings was the most active, with 74.4 percent of the turnover through a negotiated deal, with the stock trading flat at 153 rupees.
Liquidity in overnight money market had remained stable at around 16 billion rupees on Tuesday, with the Central Bank injecting 10 billion rupees at around 8.53 percent through a reverse repo auction, while there were 16.7 billion rupees in term reverse repo maturities.
In the bond market, there was some activity, with yields around the same levels, dealers said.
Rates on bills, and the most liquid 2024 maturity bond were seen easing after yields at a bill auction on Tuesday fell 8 basis points.
Twelve month bills were quoted at 9.75/85 percent on Wednesday, down from 9.81/83 percent at Tuesday's close.
A bond maturing on 15.12.2021 was quoted 10.20/28 percent, stable from 10.20/30 percent.
A bond maturing on 15.03.2022 was quoted at 10.45/50 percent, unchanged from the previous close.
A bond maturing on 15.03.2024 was quoted at 10.77/83 percent, down marginally from 10.78/85 percent.
A bond maturing on 15.06.2027 was quoted at 11.05/10 percent, stable from 11.05/15 percent at Tuesday's close.
A bond maturing on 01.05.2029 was quoted at 11.17/22 percent, stable from 11.17/23 percent. (COLOMBO, 17 April 2019-SB)