Sri Lanka rupee weakens, stocks fall 0.15-pct
Jul 06, 2018 17:47 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - The Sri Lanka rupee weakened against the US dollar on Friday with import demand continuing to outpace export conversions while gilt yields closed steady and stocks fell 0.15 percent on selling interest in Ceylon Cold Stores and Distilleries, brokers and dealers said.
The rupee closed weaker at 159.20/35 rupees against the US dollar in the spot market on import demand and lower export conversions, dealers said. The US dollar closed at 158.90/159.00 rupees the previous day.
Gilt yields in the secondary market for government securities closed steady Friday.
A five-year bond maturing in 2023 closed at 10.42/50 percent in two-way quotes, down marginally from 10.43/52 percent the previous day.
A ten-year bond maturing in 2028 closed at unchanged at 10.70/80 percent.
In equities, the Colombo All Share fell 0.15 percent, down 9.15 points to 6,108.71, while the S&P SL20 of more liquid stocks gained a sharp 0.84 percent, up 27.83 points to 3,323.52.
Market turnover was 753.54 million rupees, up from 512.22 million rupees the previous day.
Ceylon Cold Stores (down 74.40 rupees to 915.60 rupees), Distilleries (down 1.20 rupees to 21.10 rupees) and Dialog (down 10 cents to 13.90 rupees) contributed to the benchmark index decline.
Net foreign selling was 161 million rupees, compared to selling of 163.3 million rupees the previous day.
Foreign selling in John Keells Holdings was 63 million rupees, followed by 32 million rupees in NDB Bank and 22 million rupees in Sampath Bank, according to Asia Securities.
John Keells Holdings gained 2 rupees to close at 142 rupees and Sampath Bank gained 2.30 rupees to 294.90 rupees. NDB Bank fell 60 cents to 110.80 rupees.
Crossings, or off-market negotiated trades, amounted to 247.7 million rupees, which was 33 percent of market turnover.
Two crossings in Melstacorp amounted to 202 million rupees. There was one crossing each in DFCC Bank (23.7 million rupees) and NDB Bank (21.9 million rupees).
Melstacorp closed 3.40 rupees to close at 53.60 rupees and DFCC gained 1 rupee to 102 rupees. (COLOMBO, 06 July, 2018)