Tuesday July 23, 2019

Sri Lanka rupee strengthens, stocks end 0.10-pct lower

Jul 23, 2018 17:45 PM GMT+0530 | 0 Comment(s)

ECONOMYNEXT – The Sri Lanka rupee strengthened against the US dollar on Monday as stocks declined 0.10 percent amidst foreign buying interest in Commercial Bank and Central Finance, brokers and dealers said.

The rupee strengthened to 159.50/60 rupees against the US dollar in the spot market Monday, on export conversions, dealers said.

The US dollar closed Friday at 159.90/160.00 rupees.

Gilt yields closed mixed in the secondary market for government bonds.

A five-year bond maturing in 2023 closed at 10.21/29 percent in two-way quotes, up from the previous closing of 10.16/24 percent.

A ten-year bond maturing in 2028 closed lower at 10.50/62 percent, down from 10.52/65 percent the previous day.

In equities, the Colombo All Share index closed 0.10 percent lower, down 6.49 percent to 6,184.68, and the S&P SL20 index of more liquid stocks fell 0.08 percent, down 2.77 points to 3,397.66.

Market turnover was 238.4 million rupees, compared to last Friday's turnover of 207.1 million rupees.

Net foreign buying was 98 million rupees, compared to the previous day's buying of 26.2 million rupees.

Foreign buying in Commercial Bank was 62 million rupees followed by 42 million rupees in Central Finance, according to Asia Securities.

Commercial Bank closed 1 rupee higher at 130 rupees and Central Finance gained 2 rupees to 99.50 rupees.

Ceylon Tobacco (down 18.20 rupees to 1,132.60 rupees), Distilleries (down 40 cents to 20.60 rupees) and John Keells Holdings (down 1.10 rupees to 147 rupees) weighed down the benchmark index with 65 stocks gaining during the day against 67 that declined.

There were no crossings, or off-market negotiated trades. (COLOMBO 23 July 2018)


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