Sunday August 25, 2019

Sri Lanka stocks gain 0.15-pct early trading Friday, rupee steady

Sep 28, 2018 11:29 AM GMT+0530 | 0 Comment(s)

ECONOMYNEXT - Sri Lanka stocks gained 0.15 percent in early trading Friday on buying interest in banks and diversified holdings, while the rupee opened marginally stronger and gilt yields steady, market participants said.

Colombo's All Share gained 0.15 percent in early trading, up 8.99 points to 5,879.30, and the S&P SL20 of more liquid stocks was up 0.63 percent, gaining 18.95 points to 3,028.26 on low volumes.

HNB was 11.70 rupees to 225.50 and Sampath Bank gained 3.90 rupees to 243.90 rupees.

Distilleries gained 30 cents to 16.70 rupees and Softlogic Holdings was up 80 cents to 21 rupees

Singer Sri Lanka fell 2.20 rupees to 30 rupees. The company's 1 billion rupee debenture issues which opened this week was receiving a lukewarm reception attracting bids worth 656.8 million rupees by Thursday.

John Keells Holdings was down 50 cents to 131.50 rupees.

The rupee gained marginally Friday to 169.30/40 rupees in two-way spot market quotes against the US dollar, helped by short money market liquidity, market participants said.

The rupee had closed Thursday at 169.35/55 rupees against the greenback.

Gilt yields edged higher in opening trades in the secondary market Friday.

A three-year bond maturing in 2021 was liquid trading at 10.70/75 percent in two-way quotes, narrowing from the previous close of 10.60/75 percent.

A five-year bond maturing in 2023 was trading at 10.98/11.03 percent, marginally up from 10.95/11.00 percent from the previous close.

The previous day, money market was short of liquidity and the central bank injected 56.14 billion rupees via overnight and term reverse repo auctions.

Interest rates were seen rising. The one month Sri Lanka Interbank Offered Rate had risen to 9.06 percent on Thursday from the previous day's 9.02 percent. (COLOMBO, 28 September 2018)