Sri Lanka rupee weakens, stocks end 0.31-pct lower
Jul 18, 2018 17:43 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - The Sri Lanka rupee closed weaker against the US dollar on Wednesday, as gilt yields eased and stocks ended 0.31 percent lower, brokers and dealers said.
The rupee closed at 159.95/160.05 rupees against the US dollar in the spot market Wednesday, after falling to an intraday low of 160.05/15 rupees, dealers said.
State-names were seen selling US dollars in small quantities to claw-back the depreciation, dealers said.
There was some export conversions but not enough to outpace import demand, they said.
The US dollar closed Tuesday at 159.90/160.00 rupees.
Gilt yields eased in the secondary market for government bonds, as the weekly auction of Treasury bills saw benchmark yields falling.
A five-year bond maturing in 2023 closed at 10.18/22 percent in two-way quotes, down from 10.30/37 percent a day ago.
A ten-year bond maturing in 2028 closed at 10.45/55 percent, down from 10.53/67 percent the previous day.
In equities, the Colombo All Share index closed 0.31 percent lower, down 19.19 points to 6,160.69, and the S&P SL20 of more liquid stocks declined 0.54 percent closing 18.39 points lower at 3,360.16.
Market turnover was 543.81 million rupees, up from 454.87 million rupees the previous day.
Net foreign selling was 34 million rupees, compared to foreign buying of 7.22 million rupees the previous day.
Net foreign selling was 21 million rupees in Hemas Holdings (down 1.80 rupees to 105.70 rupees) and 11 million rupees in Ceylon Tobacco (up 4.50 rupees to 1,140 rupees), according to Asia Securities.
John Keells Holdings (down 1.70 rupees to 147.30 rupees), Dialog (down 20 cents to 14.10 rupees) and Melstacorp (down 1.10 rupees to 50 rupees) contributed to the benchmark index decline, with 51 stocks gaining during the day against 72 that declined.
Three off market negotiated trades, or crossings, in Amana Takaful (up 10 cents to 90 cents) totalled 64.8 million rupees, amounting to 12 percent of market turnover. (COLOMBO, 18 July 2018)