Sri Lanka stocks gain, rupee weaker at open
Jul 24, 2019 10:39 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT- Sri Lanka’s stocks opened 0.38 percent higher while the rupee was weaker at 176.10/15 against the US dollar on Wednesday and bond yields eased slightly, dealers said.
The rupee closed at 176.00/10 against the greenback on Tuesday.
In equities Colombo's All Share Price Index gained 21.73 points to 5,705.20 and the S&P SL20 Index of more liquid stocks was up 0.21 percent, or 5.89 points to 2,755.44, in the first half hour of trade.
Market turnover was 74.8 million rupees with 56 stocks gaining and 14 declinings.
Distilleries Company of Sri Lanka gained 10 cents to 17.30 rupees a share, Hemas Holdings was 1.70 rupees up at 73.00 rupees a share and Trans Asia Hotels gained 5.00 rupees to 65.00 rupees a share, contributing to ASPI gain.
In government securities, the state debt office is offering 25 billion rupees in bills at an auction on Wednesday, split into 3 billion rupees of 3-months bills, 4 billion rupees of 6-months maturities and 18 billion rupees of 12-month bills.
Dealers are expecting the auction rates to come down further.
Over the last four auctions, rates for 12-month bills fell 24 basis points. Yields at primary auctions have been on a downward trend since February.
In the secondary market, yields eased marginally in a moderate market, dealers said.
Short tenor maturities up to 2023 were the most liquid, dealers said.
A bond maturing on 15.10.2021 was quoted at 8.85/95 percent on Wednesday, down from 8.92/9.07 percent at Tuesday's close.
A bond maturing on 15.03.2023 was quoted at 9.48/52 percent, easing from 9.50/55 percent.
A bond maturing on 05.06.2024 was quoted at 9.80/83 percent, falling from 9.82/85 percent.
A bond maturing on 01.08.2026 was quoted at 9.90/96 percent, down from 9.93/99 percent.
A bond maturing on 15.01.2027 was quoted at 9.98/10.05 percent, declining from 10.00/10.05 percent.
A 10-year bond maturing on 01.05.2029 was quoted at 10.05/12 percent, steady from 10.05/15 percent. (COLOMBO, 24 July 2019)