Sri Lanka rupee steady on export conversions, stocks end 0.36-pct higher
Jul 19, 2018 17:25 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT – The Sri Lanka rupee closed steady against the US dollar Thursday on export conversions, with gilt yields settling in opposite directions and stocks gaining 0.36 percent on foreign buying in John Keells Holdings, brokers and dealers said.
The rupee closed at 159.95/160.05 rupees against the US dollar in the spot market, unchanged from the previous day.
The currency traded at an intraday low of 160.10 rupees against the greenback on import demand before export conversions strengthened the rupee, dealers said.
Gilt yields closed in opposite directions in the secondary market for government bonds.
Foreign selling in small quantities saw yields ease, but local investors were seen buying longer tenures at higher rates, dealers said.
A five-year bond maturing in 2023 closed at 10.12/18 percent in two-way quotes, down from 10.18/22 percent the previous day.
A ten-year bond maturing in 2028 closed at 10.50/60 percent, up from 10.45/55 percent the previous day.
In equities, the Colombo All Share index closed 0.36 percent higher, up 22.33 points to 6,183.02, and the S&P SL20 of more liquid stocks gained 0.88 percent, up 29.60 points to 3,389.76.
Market turnover was 634.7 million rupees, compared to 543.8 million rupees the previous day.
Net foreign buying was 73.7 million rupees, compared to selling of 34 million rupees the previous day.
Foreign buying in John Keells Holdings was 81 million rupees, Asia Securities said. The share closed 2.20 rupees higher at 149.50 rupees.
Buying interest in John Keells Holdings, Commercial Bank (up 2.60 rupees to 128.60 rupees) and Nestle Lanka (up 35.90 rupees to 1,745 rupees) contributed to the benchmark index gain, with 63 stocks gaining during the day against 77 that declined.
Ceylon Tobacco closed 10 rupees higher at 1,150 rupees and Sampath Bank gained 5.10 rupees to 301.20 rupees.
There was one crossing or off-market negotiated trade in Melstacorp for 32.2 million rupees. The share closed unchanged at 50 rupees. (COLOMBO, 19 July 2018)