Sri Lanka rupee ends weaker in forward, stocks gain 0.11-pct

ECONOMYNEXT – The Sri Lanka rupee ended weaker against the US dollar in the forwards but the spot market was inactive Monday, while bond yields eased and stocks gained 0.11 percent on buying interest in John Keells Holdings and LOLC Holdings, market participants said.

The dollar was quoted at 176.10/40 rupees against the US dollar in seven-day contracts, up from 176.00/10 rupees on Friday, market participants said. 

The greenback was quoted at 175.60/75 rupees in the spot-next market (settlement spot plus one day), in early trading, edging up from 175.60/72 rupees the previous day.

The spot market for US dollars was inactive on Monday. The rupee ended Friday at 175.25/50 rupees against the US dollar in the spot market, weakening from the previous closing of 175.00/50 rupees.

Gilt yields in the secondary market eased after the 120 billion rupees bonds auction today.

A bond maturing in 2021 ended at 10.30/40 percent in two-way quotes, lower from Friday’s closing of 10.35/50 percent.

A bond maturing in 2023 closed at 10.72/80 percent, down from 10.85/95 percent.

The 2024 bond eased to 10.87/93 percent, down from 10.98/11.05 percent.

A 10-year bond maturing in 2029 closed 11.10/15 percent lower from Friday’s close of 11.20/25 percent.

Colombo’s all share index gained 6.25 points, up 0.11 percent to 5,443.31, and the S&P SL20 of more liquid stocks ended 0.48 percent higher, up 12.61 points to 2,613.37.

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Market turnover was 162.7 million rupees, with 47 stocks gaining and 48 declining.

John Keells Holdings (up 3 rupees to 146.50 rupees), LOLC Holdings (up 3.40 rupees to 89.50 rupees) and Overseas Realty (up 40 cents to 15.80 rupees) contributed to the benchmark index gain.

Net foreign buying was 24.4 million rupees, against selling of 4.4 million the previous day.

Net buying in John Keells Holdings was 37.6 million rupees, according to Asia Securities. Net selling in Commercial Bank was 21 million rupees.

Commercial bank ended 50 cents lower to 91.40 rupees. 

There were no crossings, or off-market negotiated trades. (Colombo, 29 April 2019-SB)

 

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