Sri Lanka bond yields ease after auction; rupee steady, stocks fall 0.28-pct

ECONOMYNEXT – The Sri Lanka rupee closed steady at 181.90/182.10 rupees against the US dollar Friday, while bond yields eased after the state debt office raised 98 billion rupees from new bonds and stocks declined 0.28 percent, market participants said.

The rupee closed unchanged from Thursday’s spot market closing of 181.90/182.10 rupees against the greenback.

Bond yields eased in the secondary market as the Central Bank offered new bonds worth 98 billion rupees.

The offer attracted bids totalling nearly 140 billion rupees, the state debt office said.

Five year bonds for 48 billion rupees maturing in 2023 offered at a 11.60 percent coupon rate were issued at a weighted average yield of 11.58 percent and bonds maturing in 2028 for 50 billion rupees with a coupon rate of 11.50 percent were issued at a weighted average yield of 11.73 percent.

In the secondary market, a bond maturing in 2023 ended lower at 11.43/48 percent, down from 11.50/65 percent the previous day.

A bond maturing in 2028 eased to 11.60/68 percent, down from 11.80/12.00 percent the previous close.

In equities, Colombo’s All Share declined 0.28 percent, down 16.78 points to 5,967.27, and the S&P SL20 index of more liquid stocks edged 0.03 percent lower, down 1.02 points to 3,036.61.

Market turnover was 814.1 million rupees, with 59 stocks declining during the day against 46 that gained.

Ceylon Tobacco (down 19.80 rupees to 1,410.20 rupees), Colombo Cold Stores (down 18.30 rupees to 750 rupees) and Lion Brewery (down 18.80 rupees to 556.30 rupees) contributed to the benchmark index decline.





Net foreign selling was 143.2 million rupees, down from selling of 274 million rupees the previous day.

Foreign selling in Commercial Bank was 200.3 million rupees, according to Asia Securities.

Off-market negotiated trades, or crossings, amounted to 357.5 million rupees with seven in Commercial Bank for 219.6 million rupees, two in Hatton National Bank for 61.4 million rupees and one in Melstacorp for 76.5 million rupees.

Commercial Bank closed unchanged at 114 rupees and Hatton National Bank gained 1 rupee to 205 rupees. Melstacorp ended unchanged at 47 rupees. (COLOMBO, 11 January 2019)

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