Sri Lanka stocks end 0.14-pct lower, rupee falls to new low
Oct 10, 2018 19:31 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT – Sri Lanka stocks closed 0.14 percent lower Wednesday on selling in hotel stocks like Trans Asia Hotels and Asian Hotels and Properties, while the rupee ended at a new low of 171.20/40 rupees against the US dollars and gilt yields edged higher, market participants said.
Colombo's All Share index ended 0.14 percent lower, down 8.36 points to 5,872.02, and the S&P SL20 of more liquid stocks fell a marginal 0.07 percent, down 1.98 points to 3,000.16.
Market turnover was 230.5 million rupees with 78 stocks declining against 43 that gained.
Trans Asia Hotels (down 10.80 rupees to 77.70 rupees), Asian Hotels and Properties (down 2.60 rupees to 38.50 rupees) and Commercial Credit and Finance (2.10 rupees to 27.30 rupees) weighed down the benchmark index.
Sampath Bank closed 2.30 rupees lower at 236.70 rupees and Hemas Holdings was down 1 rupee to 87 rupees.
Foreign investors were net buyers of shares worth 15.9 million rupees, compared to net selling of 111.8 million rupees a day earlier.
Foreign buying in Cargills Ceylon was 14 million rupees, according to Asia Securities. The stock closed 1.90 rupees higher at 200 rupees.
There was one crossing, or off-market negotiated trade, for 20.4 million rupees in Nation Lanka Finance.
Nation Lanka Finance closed 10 cents lower at 70 cents.
The rupee ended marginally weaker at a new low of 171.20/40 rupees against the US dollar in the spot market after trading at an intraday low of 171.38 rupees.
The soft-pegged currency continued to be pressured despite finance minister Mangala Samaraweera talking down the rupee.
The currency closed the previous day at 171.00/30 rupees against the greenback.
Gilt yields edged higher in the secondary market as benchmark Treasury bill rates increased at the weekly auction Wednesday.
A three-year bond maturing in 2021 ended at 11.10/30 percent in two-way quotes, up from 10.80/95 percent the previous day.
A five-year bond maturing in 2023 closed at 11.35/45 percent, up from the previous day's close of 11.03/11.12 percent. (COLOMBO, 10 October 2018)