Thursday August 22, 2019

Sri Lanka stocks rebound, gilts end higher

Sep 26, 2018 18:06 PM GMT+0530 | 0 Comment(s)

ECONOMYNEXT – Sri Lanka stocks rebounded Wednesday gaining a sharp 0.92 percent on buying interest in John Keells Holdings, as gilt yields increased and the rupee weakened marginally, market participants said.

Colombo's All Share index gained 0.92 percent, up 53.94 points to 5,887.52, and the S&P SL20 of more liquid stocks closed 1.35 percent higher, up 40.29 points to 3,019.58.

John Keells Holdings (up 4.90 rupees to 133 rupees), Sri Lanka Telecom (up 1.30 rupees to 21.30 rupees) and HNB (up 3.80 rupees to 213.80 rupees) contributed to the benchmark index gain.

Net foreign selling was 49.55 million rupees, down from selling of 60.9 million rupees the previous day.

Foreign selling in Sampath Bank was 48 million rupees, according to Asia Securities. The stocks gained 3 rupees to close at 240 rupees.

There was one crossing, or off-market negotiated trade, in Commercial Bank for 56.5 million rupees, which was 17.7 percent of market turnover.

Commercial Bank closed unchanged at 114 rupees.

The Sri Lanka rupee closed marginally weaker on Wednesday with wide quotes offered in the spot market at 168.90/169.15 rupees against the US dollar.

The rupee closed Tuesday at 168.85/169.05 rupees against the greenback amid interventions to contain currency pressure.

Gilt yields edged higher in the secondary market for government bonds as benchmark Treasury bill rates increased at the weekly auction.

A three-year bond maturing in 2021 closed at 10.48/60 percent in two-way quotes, up from 10.43/52 percent the previous close.

A five-year bond maturing in 2023 ended at 10.70/80 percent, up from the previous closing of 10.63/70 percent.

A ten-year bond maturing in 2028 was quoted at 10.80/11.10 percent, edging higher from the previous closing of 10.80/11.00 percent. (COLOMBO, 26 September 2018)



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