Sri Lanka rupee opens stronger, stocks down amid volatility
Jul 12, 2019 11:10 AM GMT+0530 | 0 Comment(s)
Sri Lanka's rupee was stronger, but stocks were volatile on Friday morning, brokers and dealers said. Source: File Pic.
ECONOMYNEXT - Sri Lanka's rupee was stronger at 175.48/55 to the US dollar in the spot market mid-morning on Friday, while stocks fell 0.09 percent and active trading was witnessed in bonds, brokers and dealers said.
The rupee closed at 175.35/45 against the US dollar on Thursday.
At the Colombo Stock Exchange, the All Share Price Index (ASPI) was down 4.85 points to 5,556.43 in the first hour and a half of trading.
There was volatility in the market, with the ASPI falling to a 5,551.48 within the first hour, before, gaining to a high of 5,560.08.
The more liquid S&P SL20 Index was up 0.34 percent or 8.78 points to 2,622.77.
By Thursday, the stock market had almost fully recovered from the losses after the Easter Sunday terror attack.
The tourism industry which was hit adversely is recovering faster than expected, according to the central bank and industry sources.
Market turnover was 130.9 million rupees, with 34 stocks up and 35 down.
Distilleries Company of Sri Lanka was trading 50 cents lower at 17 rupees a share and John Keells Holdings was 1.50 rupees down at 143.50 rupees a share, pushing down the ASPI.
In the government securities market, bond yields were steady in an active market with both buying and selling interest, dealers said.
The government's resounding win against a no-confidence motion in parliament, and the unchanged monetary policy stance adopted by the central bank on Thursday did not influence the gilt market, dealers said.
A bond maturing on 15.10.2021 was quoted at 8.70/80 percent on Friday, unchanged from Thursday's close.
A bond maturing on 15.03.2023 was quoted at 9.50/55 percent, rising from 9.40/48 percent.
A bond maturing on 15.06.2024 was quoted at 9.72/78 percent, easing from 9.73/78 percent.
A bond maturing on 01.08.2026 was quoted at 9.92/95 percent, easing from 9.93/98 percent.
A bond maturing on 15.01.2027 was quoted at 9.97/02 percent, unchanged from Thursday.
A bond maturing on 01.05.2029 was quoted at 10.08/13 percent, up from 10.05/15 percent. (Colombo/Jul12/2019)