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Wednesday February 1st, 2023

Sri Lanka bond yields marginally up, rupee steady

ECONOMYNEXT – Sri Lanka’s Treasury bond rates went up on Thursday on moderate trade, dealer said after the central bank kept policy rates unchanged in a monetary policy decision.

The market was earlier expecting some sort of easing, dealers said though policy rates are about half the market rates.

Central Bank Governor Nandalal Weerasinghe said he hoped market rates would come down on its own, but if not administrative controls would be imposed to push rates down.

A bond maturing on 15.01.2028 ended at 30.60/31.00 percent on Thursday, up from 30.50/80 percent on Wednesday.

A bond maturing on 01.07.2032 closed at 29.25/75 percent on Thursday, up from 28.00/60 percent.

A bond maturing on 01.07.2025 closed at 31.00/30 percent up from 30.95/31.10 percent from the last close.

The three-month T-bills closed at 32.95/33.00 percent up from the previous close of 32.90/33.10 percent.

In the weekly analysis report issued by the Fitch ratings said, in the secondary market buying interest was largely witnessed during the week possibly due to the improvement in banking system liquidity and speculation on a policy rate easing.

The Central Bank’s guidance peg for interbank transactions remained unchanged at 363.50 rupees against the US dollar.

Commercial banks offered dollars for telegraphic transfers between 372.00 and 372.10 for small transactions, data showed.
Buying rates are between 362.00 – 362.10 rupees. (Colombo/Nov 24/2022)

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Sri Lanka coconut prices ease at auction

ECONOMYNEXT- Sri Lanka’s coconut auction prices fell in the last auction in January 2023, with average prices going down by 4.1 percent at an auction on January 26, data showed.

The average price for 1,000 nuts fell to 80.811.89 from 84,116.85 a week earlier at the weekly auction conducted by Sri Lanka’s Coconut Development Authority.

The highest price was 87,300 rupees for 1,000 nuts down from the previous week’s 90,200 rupees, while the lowest was 72,500 down from 73,000 rupees.

The auction offered 469,564 coconuts and 300,983 nuts were sold. (Colombo/ Feb 01/2023)

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Sri Lanka shares edge up at close

ECONOMYNEXT- Sri Lanka’s shares edged up on Wednesday pushed as investors bought in to beaten down shares following the previous session’s drop, market analyst said.“

At this price level what we are seeing is a lot of confidence from the investors to collect when the prices drop. So, the market is not falling sharply,” a market analyst said.

Market had also seen buying in Expolanka shares on speculation that the parent company of SG Holdings was buying back into the shares.

All Share Price Index (ASPI) edged up by 0.96 percent or 84.96 points to 8,950.01.

The most liquid index S&P SL20 gained 1.27 percent or 35.02 points to 2,799.53.

Banking and Insurance counters had seen interest on the back of positive sentiments from the IMF.

The central bank has said it could cut interest rates in future when the the country sees fall in inflation, which has already started decelerating.

The market saw a turnover of 1.5 billion rupees today,lower than the month’s daily average of 1.8 billion rupees and nearly half of 2022 average turnover of 2.9 billion rupees.

The bourse saw a flow of net foreign inflow of 45 million rupees extending the net offshore buying to 1.9 billion so far this year.

Top gainers of the day were Commercial Bank, Expolanka, and Ceylinco Insurance. (Colombo/Feb01/2023)

 

 

 

 

 

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Sri Lanka bond yields down at close

ECONOMYNEXT – Sri Lanka’s bond yields were down at close following a bond auction on Wednesday, dealers said while a guidance peg for interbank transactions remained unchanged.

“The rates were steady at the auction,” a dealer said.

“This can be a signal to the market saying the rates will go down in the future.”

A bond maturing on 01.07.2025 closed at 32.40/60 percent, down from yesterday’s 32.60/85 percent.

A bond maturing on 01.05.2027 closed at 29.10/35 marginally down from yesterday’s 29.20/75 percent.

The Central Bank’s guidance peg for interbank US dollar transactions remained unchanged at 362.14 rupees against the US dollar.

Commercial banks offered dollars for telegraphic transfers at 371.38 rupees on Friday, data showed. (Colombo/Feb 01/2022)

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