Wednesday August 21, 2019

Sri Lanka stocks open steady, rupee weakens

Oct 05, 2018 10:16 AM GMT+0530 | 0 Comment(s)

ECONOMYNEXT - Sri Lanka stocks opened flat amidst buying interest in John Keells Holdings, while the rupee weakened against the US dollar in early trading Friday with gilt yields holding steady, market participants said.

Colombo's All Share index gained a marginal 0.03 percent, up 1.98 points to 5,837.58, and the S&P SL20 index of more liquid stocks was up 0.24 percent, gaining 7.17 points to 2,985.83.

John Keells Holdings was up 50 cents to 133.10 rupees and Vallibel One gained 50 cents to 17.50 rupees.

Browns investments was up 10 cents to 2 rupees.

The rupee opened Friday weaker at a wide two-way spot market quote of 170.15/40 rupees against the US dollar on import demand, market participants said.

The currency closed the previous day at 170.00/25 rupees to the greenback after trading at an intraday low of 170.10 rupees.

Emerging market currencies are falling against the US dollar but Sri Lanka's rupee decline has more to do with contradictory central bank monetary and exchange rate policy.

Gilt yields opened mixed in early secondary market trading Friday.

A three-year bond maturing in 2021 opened lower at 10.70/75 percent in two-way quotes, down from the previous day's close of 10.70/80 percent.

A five-year bond maturing in 2023 was quoted at 10.95/11.05 percent in early trading Friday, edging higher from 10.92/11.00 percent the previous day. (COLOMBO, 05 October 2018)


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