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Sri Lanka rupee ends weaker, gilt yields down

rupee notes

ECONOMYNEXT- Sri Lanka’s rupee closed weaker at 182.08/15 to the US dollar in the spot market on Monday while bond yields eased and stocks closed 0.07 percent higher, dealers said.

The rupee ended at 182.00/15 to the greenback on Monday.

In equities, Colombo’s All Share Price Index (ASPI) gained 4.12 points to 5,618.41 and the S&P SL20 index of more liquid stocks climbed to 0.37 percent or 9.78 points to 2,656.75 at the close.

The market turnover was 323 million rupees in the meantime 65 stocks gained and 53 fell.

Heavyweights at the Colombo Stock Exchange, John Keells Holdings stocks finished up 1.80 rupees to 150.00 rupees a share, Hatton National Bank reaped 4.20 rupees to 149.00 rupees a share and Melstacorp stocks up 90 cents to 34.00 rupees a share, contributing moat to ASPI’s gain.

Liquidity in the overnight money market was 18.83 billion rupees, down from 51.73 billion rupees at Monday’s close.

Banks deposited 15.88 billion through Central Banks’ excess liquidity window.

Central bank mopped up 7.00 billion rupees at 6.97 percent in an overnight repo auction.

In the government securities market, bond yields eased in moderate trade while 2024 maturities remained liquid, dealers said.

Dealers said the local market eased due to the upcoming election sentiments while global markets stabilized.

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Sri Lanka’s president dissolved the parliament early today, calling for polls to be held on April 25, 2020.

Sri Lanka’s debt office is offering 29.00 billion rupees up in an auction to be held tomorrow, split in to 9.00 billion rupees maturing in 3-months, 5.00 billion maturing in 6-months and 15.00 billion rupees maturing in 12-months.

Dealers expect the auction rates to fall due to the liquidity in the overnight money market.

A bond maturing on 15.12.2021 closed at 9.75/95 percent on Tuesday, stable from 9.75/95 percent at Monday’s close.

A bond maturing on 01.09.2023 closed at 9.30/35 percent, steady from 9.35/45 percent at its previous close.

A bond maturing on 15.09.2024 closed at 9.62/67 percent on Tuesday, falling from 9.70/74 percent at Monday’s close.

A bond maturing on 15.10.2027 closed at 9.80/90 percent easing from 9.85/95 percent at it’s the previous close.

A bond maturing on 15.05.2030 closed at 9.85/10.10 percent, down from 9.90/10.10 percent at Monday’s close.

A bond maturing on 15.09.2034 closed at 9.85/10.15 percent, easing from 9.90/10.20 percent at its last close. (Colombo/Mar03/2020)

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