Thursday August 22, 2019

Sri Lanka stocks flat, rupee opens stronger

Oct 01, 2018 10:23 AM GMT+0530 | 0 Comment(s)

ECONOMYNEXT - Sri Lanka stocks opened flat on Monday amidst selling in Distilleries and banking stocks, as the rupee gained marginally to 169.00/30 rupees against the US dollar and gilt yields increased in early trading, market participants said.

Colombo's All Share index opened 0.06 percent lower, down 3.67 points to 5,858.51, and the S&P SL20 of more liquid stocks gained 0.10 percent, up 3.10 points to 3,005.10.

Distilleries was down 20 cents to 16.50 rupees, and Nations Trust Bank was trading 2.40 rupees lower at 86.50 rupees.

HNB was down 1 rupee to 209 rupees and Seylan Bank was trading 1.50 rupees lower at 68.50.

The Sri Lanka rupee gained to 169.00/30 rupees against the US dollar in early spot market trading Monday, strengthening marginally from Friday's 169.20/40 rupees closing.

The Sri Lanka rupee had gained marginally on Friday from 169.35/55 rupees against the US dollar the previous day amidst intervention and short liquidity in money markets.

Overnight money markets were short by 58.16 billion rupees on Friday with the central bank injecting 64 billion rupees during the day via term and overnight reverse repos including banks borrowing 32.54 billion from the overnight window.

Market analysts said short money markets can help strengthen the currency in a soft-peg regime.

Gilt yields increased in early secondary market trading Monday.

A three-bond maturing in 2021 edged higher to 10.92/11.00 percent in two-way quotes, up from the previous close of 10.88/97 percent.

A five-year bond maturing in 2023 gained to 11.10/18 percent, up from 11.03/12 percent last Friday. (COLOMBO, 01 October 2018)