Wednesday September 19, 2018

Sri Lanka rupee weakens, stocks gain 0.10-pct

May 22, 2018 17:31 PM GMT+0530 | 0 Comment(s)

ECONOMYNEXT - The Sri Lanka rupee weakened against the US dollar in the spot market Tuesday, while gilt yields eased and stocks edged 0.10 percent higher on buying in Dialog and AIA Insurance, brokers and dealers said.

The rupee edged lower to 158.00/10 against the US dollar in the spot market on importer demand, dealers said. The US dollar closed at 157.85/95 rupees on Monday.

Gilt yields eased in the secondary market for government bonds.

A five-year bond maturing in 2023 closed at 10.40/43 percent in two-way quotes, down from 10.40/48 percent the previous close.

A ten-year bond maturing in 2028 closed at 10.65/70 percent, down from 10.68/78 percent the previous day.

In equities, the Colombo All Share index edged 0.10 percent higher, up 6.18 points to 6,472.25, and the S&P SL20 index of more liquid stocks closed 0.29 percent lower, down 10.47 points to 3,613.94.

Market turnover was 777.4 million rupees, up 48.3 percent from the previous day.

Dialog (gaining 40 cents to 14.50 rupees), AIA Insurance (up 42.30 rupees to 526.70 rupees), Cargills (up 4 rupees to 204 rupees) and Distilleries (gaining 20 cents to 21.70 rupees) contributed to the benchmark index gain.

Foreign buying was 73.3 million rupees, down from buying of 152 million rupees the previous day.

Foreign buying in Commercial Credit and Finance was 65 million rupees, followed by buying of 15 million rupees in People's Leasing, according to Asia Securities.

Commercial Credit was unchanged at 43 rupees and People's Leasing closed 10 cents higher at 15.70 rupees.

Eight crossings, or off-market negotiated trades, amounted to 387.7 million rupees which was 50 percent of market turnover.

There was one crossing each in Commercial Credit (72 million rupees), HNB (59.5 million rupees), Access Engineering (56.6 million rupees) and Teejay Lanka (52 million rupees).

The other crossings were in Chevron Lubricants (47 million rupees), People's Leasing (45.4 million rupees), John Keells Holdings (33.3 million rupees) and Dialog 21.7 million rupees).

HNB gained 10 cents to close at 242.30 rupees and Access Engineering closed 20 cents lower at 18.90 rupees.

Teejay Lanka was 40 cents lower at 30.40 rupees, Chevron Lubricants was unchanged at 88.80 rupees and John Keells Holdings closed 90 cents lower at 160 rupees. (COLOMBO, 22 May, 2018)


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