Sri Lanka rupee strengthens, stocks down 0.11-pct
Jun 14, 2018 17:24 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - The Sri Lanka rupee strengthened marginally against the US dollar Thursday on export conversions after crossing the psychological 160 rupee-level as gilt yields edged higher and stocks fell 0.11 percent on selling in telco stocks, brokers and dealers said.
The rupee closed at 159.60/70 rupees against the US dollar in the spot market, strengthening against the greenback on export conversions, dealers said. The US dollar closed at 159.50/80 rupees the previous day.
The currency was quoted as low as 160.25 rupees against the US dollar in early trading Thursday with an actual trade taking place at 160.10 rupees before export conversions of US dollars strengthened the rupee, dealers said.
Gilt yields edged higher in the secondary bond market.
A five-year bond maturing in 2023 closed at 10.42/48 percent, up from the previous close of 10.40/45 percent.
A ten-year bond maturing in 2028 closed at 10.63/73 percent, up from 10.60/70 percent the previous day.
In equities, the Colombo All Share index closed 0.11 percent lower, down 6.78 points to 6,331.10, and the S&P SL20 of more liquid stocks edged down 0.15 percent, closing 5.16 points lower at 3,526.93.
Market turnover was 273.3 million rupees, down 40.5 percent from the previous close.
Dialog (down 10 cents to 14.10 rupees), Sri Lanka Telecom (down 40 cents to 24.10 rupees) and Lion Brewery (down 9 rupees to 570 rupees) weighed down the benchmark index.
Net foreign selling was 32 million rupees, against selling of 213.2 million rupees the previous day.
Selling in Renuka Agri Foods was 73 million rupees, according to First Capital Research. Renuka Agri Foods closed 10 cents higher at 2.10 rupees.
There was some foreign buying of 18 million rupees in John Keells Holdings (down 20 cents to 156 rupees) and 17 million rupees in HNB (down 70 cents to 241.10 rupees).
There was one off-market negotiated trade in Renuka Agri Foods for 72.9 million rupees, accounting for 26.7 percent of market turnover. (COLOMBO, 14 June 2018)