Wednesday July 24, 2019

Sri Lanka rupees ends steady, stocks down 0.20-pct

Nov 16, 2018 15:18 PM GMT+0530 | 0 Comment(s)

ECONOMYNEXT - The Sri Lanka rupee closed steady at around 176.50/65 rupees against the US dollar Friday, while stocks ended 0.20 percent lower after another day of chaotic scenes in the country's legislature as the nation plunges deeper into crisis.

Loyalists of Mahinda Rajapaksa occupied the Speaker's Chair to prevent a fresh vote of no-confidence against him.

The speaker later entered the chambers under heavy police security and took a voice vote amidst a hail of projectiles including copies of the constitution. The speaker adjourned parliament to November 19.

The country continues to be without a prime minister and cabinet.

The rupee fell to an intraday low of 176.65 rupee against the greenback in the spot market Friday.

The currency closed Thursday at 176.50/70 rupees to the dollar.

In equities, the All Share closed 0.20 percent lower, down 11.91 points to 5,955.43, and the S&P SL20 of more liquid stocks ended 0.13 percent higher, up 3.93 points to 3,109.50.

Market turnover was 346.6 million rupees with 56 stocks gaining in the day compared to 54 that declined.

Ceylon Tobacco (down 22.90 rupees to 1,401.10 rupees), Sri Lanka Telecom (down 90 cents to 21 rupees) and LOLC Holdings (down 1.90 rupees to 88.10 rupees) contributed to the benchmark index decline.

Net foreign selling was 55.5 million rupees, down from buying of 23.4 million rupees the previous day.

Foreign selling in John Keells Holdings was 47 million rupees, according to Asia Securities.

and John Keells Holdings gained 60 cents to close at 152.90 rupees.

Crossings, or off-market negotiated trades, amounted to 63.7 million rupees.

There were two crossings in NDB Bank for 40.8 million rupees and one.

NDB Bank ended 1.80 rupees lower at 102.40 rupees.

Gilt yields eased in the secondary market.

A five year bond maturing in 2023 ended lower at 11.65/80 percent, down from 11.80/12.10 percent the previous close.

A bond maturing in 2027 closed lower at 12.22/32 percent, down from the previous closing of 12.33/38 percent. (COLOMBO, 16 November 2018)


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