Sri Lanka rupee weakens, stocks gain 1.22-pct
Jul 05, 2018 17:33 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - The Sri Lanka rupee weakened against the US dollar as import demand outstripped export conversions, while gilt yields were steady and stocks gained 1.22 percent on foreign selling in John Keells Holdings and banking stocks, brokers and dealers said.
The Sri Lanka rupee weakened to 158.90/159.00 rupees against the US dollar in the spot market on import demand, and slower export conversions, dealers said.
Gilt yields were unchanged in the secondary market for government securities.
The greenback closed at 158.65/80 rupees the previous day.
A ten-year bond maturing in 2028 also saw yields unchanged at 10.70/80 percent.
A five-year bond maturing in 2023 closed at 10.43/53 percent in two-way quotes, unchanged from the previous day.
In equities, the Colombo All Share index gained 1.22 percent, up 73.83 points to 6,117.86, and the S&P SL20 of more liquid stocks gained 0.45 percent, up 14.89 points to 3,295.69.
Market turnover was 512.2 million rupees, up 96 percent from the previous day.
Net foreign selling was 163.3 million rupees, against selling of 82 million rupees the previous day.
Foreign selling in John Keells Holdings was 104 million rupees, followed by 61 million rupees in Commercial Bank non-voting shares and 57 million rupees in HNB.
Commercial Bank closed 50 cents higher at 93.10 rupees and HNB fell 1.20 rupees lower to 218.80 rupees.
Distilleries (up 2.10 rupees to 22.30 rupees), John Keells Holdings (up 2 rupees to 140 rupees), Ceylon Tobacco (up 13 rupees to 1,113.10 rupees) and Vallibel One (up 1.60 rupees to 19.70 rupees) contributed to the benchmark index gain.
Off-market negotiated trades, or crossings, amounted to 77.7 million rupees and was 15.2 percent of market turnover.
There was a crossing each in Cargills (30 million rupees), non-voting Commercial Bank shares (27.4 million rupees) and John Keells Holdings (20.3 million rupees).
Cargills was unchanged at 200 rupees. (COLOMBO, 05 July, 2018)