Sri Lanka bonds unchanged after rate decision; stocks down

ECONOMYNEXT- Sri Lanka bond rates remained broadly unchanged Friday, after the central bank announced that it would keep its policy rates steady for the next one and a half months.

Dealers said that the monetary authority was expected to keep the policy rate at which money is injected steady at 9.0 percent after a 50 basis point hike to key rates in mid November.

The spot US dollar was quoted 182.60/183.00 to the US dollar in the spot market against yesterday’s closing of around 182.30/50 to the dollar.

Overnight call money market was pushing the top of the policy corridor at 9/8.95 percent.

Bond trades volumes remained low, continuing a trend seen throughout the week in the holiday season.

One year T-bill rates were flat at 11.05/10.95 percent. Bonds maturing on 15.07.23 were slightly up at 11.80/70 while the recently auctioned, fairly liquid bonds maturing on 01.08.26 were flat at 11.85/70.

Meanwhile, the Colombo Stock Exchange was down 0.17 percent, or 10.41 points to 6,007.78 in the first hour of trading, with a turnover of 110.8 million rupees.

The more liquid S&P SL20 index was down 0.06 percent or 1.91 points to 3,114.99.

Nearly a third of the 1.9 million share volume traded came from two big sales of Melstacorp Plc, whose share was down 1.8 percent.

John Keells Holdings shares were fairly active, up 0.65 percent. (Colombo/Dec28/2018)





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