Sri Lanka rupee opens weaker, stocks gain
Aug 20, 2018 10:32 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - The Sri Lanka rupee was quoted weaker against the US dollar at 160.50/60 rupees in early spot market trading Monday as stocks opened stronger, brokers and dealers said.
The US dollar closed Friday at 160.50/58 rupees on importer demand driven by excess liquidity in money markets, while foreigners were seen selling government securities and equities, dealers said.
Overnight interbank liquidity increased 3.49 billion rupees to 38.40 rupees on Friday. A month earlier excess liquidity was 24.88 billion rupees.
Foreign investors sold 817.8 million rupees worth of government securities last week and net foreign selling in equities was 679.7 million rupees.
A five-year bond maturing in 2023 opened at 9.92/10.00 percent in two-way quotes in the secondary market for government securities, unchanged from the previous close.
A ten-year bond was quoted at 10.25/35 percent, down from Friday's close of 10.25/40 percent.
In equities, the Colombo All Share index gained 11 percent in early trading, up 6.78 points to 6,057.88, and the S&P SL 20 of more liquid stocks opened 0.25 percent higher, up 8.23 points to 3,246.48.
Market turnover was 20.5 million rupees.
John Keells Holdings opened 50 cents higher at 138.50 rupees and Chevron Lubricants Lanka gained 1 rupee to 89.50 rupees.
East West Properties was up 20 cents to 15.60 rupees and Union Assurance was 80 cents lower at 270 rupees. (COLOMBO, 20 August 2018)