Sri Lanka rupee ends weaker in forward; stocks gain 0.64-pct

ECONOMYNEXT – The Sri Lanka rupee closed weaker at 176.50/70 rupees against the US dollar in seven day forward contracts, as gilt yields eased and stocks ended 0.64 percent higher on buying interest in Ceylon Tobacco and John Keells Holdings, market participants said.

The currency ended Monday at 176.10/40 rupees against the greenback in seven-day contracts, weakening from Friday’s closing of 176.00/10 rupees.

The spot market was inactive for the second day.

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.

Bond yields in the secondary market eased after the bills and bonds auctions.

A bond maturing in 2021 ended at 10.10/15 percent, down from Monday’s 10.30/40 percent closing.

A bond maturing in 2022 closed at 10.30/35 percent, easing from 10.43/52 percent.

The 2023 bond ended lower at 10.50/60 percent, down from 10.70/80 percent.

A bond maturing in 2024 closed at 10.80/87 percent, easing from 10.85/94 percent.

The 2029 maturity ended lower at 11.03/10 percent, down from 11.10/17 percent the previous close.

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In equities, Colombo’s All Share index closed 35.10 points higher to 5,478.41 and the S&P SL20 index of more liquid stocks ended 0.54 percent up 14.09 points to 2,627.46.

Market turnover was 195.5 million rupees, up from 162.7 million the previous day, with 53 stocks gaining and 55 stocks declining.

A crossing of 28.6 million rupees in Ceylon Tobacco contributed to the turnover.

Ceylon Tobacco (up 39.90 rupees to 1,300.10 rupees), John Keells Holdings (up 3.20 rupees to 149.70 rupees), and Sri Lanka Telecom (up 90 cents to 22.90 rupees) contributed to the benchmark index gain.

Net foreign buying was 39.9 million rupees, up from 24.3 million rupees on Monday.

Foreign buying in Ceylon Tobacco was 41.2 million rupees, according to Asia Securities.

There was one off-market trade, or crossing, in Ceylon Tobacco for 28.6 million rupees, which was 14 percent of market turnover. (Colombo, 30 April 2019-SB)

 

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