Sri Lanka rupee weakens, stocks end 0.12-pct lower
Jul 16, 2018 17:14 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - The Sri Lanka rupee closed weaker against the US dollar on Monday as gilt yields edged higher and stocks ended 0.12 percent lower amidst foreign selling in John Keells Holdings, brokers and dealers said.
The rupee closed weaker at 159.80/160.00 rupees against the US dollar in the spot market Monday on importer demand, dealers said.
An actual dollar trade took place for 159.90 rupees during the day. The US dollar closed Friday at 159.60/70 rupees.
Gilt yields edged higher in the secondary bond market for government bonds.
A five-year bond maturing in 2023 closed at 10.34/38 percent in two-way quotes, up from 10.28/35 percent the previous close.
A ten-year bond maturing in 2028 closed at 10.55/63 percent, up from Friday's closing of 10.45/60 percent.
In equities, the Colombo All Share index closed 0.12 percent lower, down 7.46 points to 6,130.62, and the S&P SL20 of more liquid stocks closed a marginal 0.03 percent higher, up 1.25 points to 3,336.07.
Market turnover was 304.1 million rupees, down from Friday's turnover of 626 million rupees.
Cargills (down 7.60 rupees to 196 rupees), Commercial Bank (down 1.90 rupees to 125.10 rupees) and LOLC (down 3.50 rupees to 92.60 rupees) contributed to the benchmark index decline, with 59 stocks gaining and 67 declining during the day.
Net foreign selling was 177.6 million rupees, compared to selling of 4 million rupees the previous day.
Foreign selling in John Keells Holdings was 157 million rupees, followed by 15 million rupees in Commercial Bank, Asia Securities said.
John Keells Holdings closed 2.60 rupees higher at 144.60 rupees.
Four crossings, or off-market negotiated trades, in John Keells Holdings totalled 137.2 million rupees and was 45 percent of market turnover. (COLOMBO, 16 July 2018)