Sri Lanka bonds opens lower, rupee steady, stocks up
ECONOMYNET – Sri Lanka’s rupee was quoted at 178.90/179.30 levels to the US dollar in the spot market Wednesday, while longer tenor bonds opened slightly lower and stocks opened firmer, dealers and brokers said.
The rupee closed around 179.00/20 to the US dollars on Tuesday, marginally weaker.
Sri Lanka’s political crisis is continuing with President Maithripala Sirisena insisting that Ranil Wickremesinghe will not be appointed Prime Minister. Sri Lanka’s Supreme Court is hearing a challenge to the dissolution of parliament now in its second day.
Mahinda Rajapaksa, who was suspended from office by the Court of Appeal has filed an appeal in the Supreme Court.
In money markets call money and repo were quoted at 8.90/9.00 percent.
Bond yields fell about 15 to 20 basis points on Tuesday, ahead of a billion auction later Wednesday.
In bond markets a three-year bond maturing on 01.03.2021 was quoted at around 11.55/70 percent on Wednesday around the same levels as yesterday’s closing.
A five-year bond maturing on 15.07.2023 was quoted around 11.70/11.80 percent, unchanged yesterday’s closing.
An 8-year bond maturing on 15.06.2027 was quoted at around 12.00/15 percent, down yesterday’s close of 12.10/25 percent. The bond opened around 12.20/25 yesterday.
Stocks opened firmer with the All Share Prices Index up three points (0.05 percent) to 6,014.68 in early trade and the more liquid S&P SL20 index also up.
There was buying interest in financial sector firms, brokers said.
Softlogic Life Insurance was up more than nine percent (3.40 rupees) to 40 rupees