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Sri Lanka rupee ends firm, gilt yields down

Rupee 08.07.2020

ECONOMYNEXT – Sri Lanka rupee closed stronger at 185.75/85 to US dollar in the spot market on Wednesday while bond yields and stocks fell, dealers and brokers said.

Rupee closed at 185.85/95 to the greenback on Tuesday.

In equities the Colombo’s All Share Price Index fell 0.24 percent or 12.26 points to end at 5,069.52.

The S&P SL20 index of more liquid stocks declined 0.77 percent or 17.02 points to 2,195.68.

The market turnover was 1 Billion rupees with 74 stocks gaining and 76 falling.

Foreign selling topped in the market today, amounting to a net foreign sale of 205.9 million rupees.

Negotiated trade or crossings were witnessed in three counters, namely Commercial Bank, John Keells Holding, and Panasian Power.

Total crossing for the day amounted to 255 million rupees.

John Keells Holdings contributed most to ASPI’s plunge, falling 1.90 rupees to trade at 113.00 rupees a share.

Other stocks which dragged ASPI were, Dialog Axiata slipped 20 cents to trade at 11.20 rupees a share, and Sampath Bank stocks down 2.10 rupees to trade at 122.80 rupees a share.

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On the other end, Ceylon Tobacco Company stocks gained 13.70 rupees (1.43 percent) rupees to trade at 974.70 rupees a share.

In the secondary government securities market, gilt yields were stable in dull trading, dealers said.

Dealers said that yields gained before the weekly auction and eased subsequently.

Sri Lanka’s debt office offered 28.5 billion rupees up in a weekly auction eld today split into 4 billion rupees maturing in 3-months, 6 billion rupees maturing in 6-months, and 18.5 billion rupees maturing in 12-months.

Central Bank is also having a monetary policy review tomorrow.

A 2-year bond maturing on 15.12.2022 closed at 5.75/80 percent on Wednesday, down from 5.77/83 percent at Tuesday’s close.

A bond maturing on 15.01.2023 closed at 5.85/90 percent, easing from 5.87/90 percent at Tuesday’s close.

A bond maturing on 15.09.2024 closed at 6.42/47 percent, down from 6.45/50 percent at Tuesday’s closing.

A bond maturing on 01.05.2025 closed at 6.58/66 percent on Wednesday, slipping from 6.62/67 percent at Tuesday’s closing.

A bond maturing on 01.02.2026 closed at 6.68/78 percent, down from 6.73/80 percent.

A bond maturing on 15.10.2027 closed at 6.90/7.00 percent, easing from 6.96/02 percent at Tuesday’s end. (Colombo/July08/2020)

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