Sri Lanka rupee ends weaker, stocks up 0.21-pct with Odel dominating turnover
ECONOMYNEXT – The Sri Lanka rupee closed Tuesday at a new low of about 176.15/25 rupees against the US dollar, as stocks closed 0.21 percent higher with fashion retailer Odel Plc accounting for a little over 93 percent of the day’s 6.7 billion-rupee turnover, market participants said.
The rupee traded at an intraday low of 176.15 rupees against the US dollar in the spot market. The currency ended Monday at around 175.70/80 rupees against the greenback.
Gilt yields edged higher in the secondary market after a 98 billion rupee bond auction earlier in the day.
A three-year bond maturing in 2021 ended at 11.30/75 percent, a quoted wide compared to the previous day’s closing of 11.30/55 percent.
A five-year bond maturing in 2023 edged higher to 11.60/12.00 percent, up from 11.55/85 percent the previous close.
In equities, Colombo’s All Share index ended 0.21 percent higher, up 12.60 points to 5,993.54 and the S&P SL20 index of more liquid stocks gained 0.74 percent, up 22.89 points to 3,128.87.
Market turnover was 6.68 billion rupees with 66 stocks gaining against 51 that declined.
Odel gained 10 cents to close at 26 rupees after 6.23 billion worth of shares were traded during the day.
There were six crossings, or off-market negotiated trades, in Odel for 6.22 billion rupees where 248.9 million shares were traded at 25 rupees each, according to stock exchange data.
Parent company Softlogic Holdings Plc is reported to have transferred the shares to Softlogic Retail Holdings which was created to consolidate the retail activities of the group, brokers said.
The deal is treated as an internal transfer with no material change in ownership, they said. However, a disclosure was yet to be made.
Hatton National Bank (up 4.80 rupees to 214.80 rupees), John Keells Holdings (up 1.30 rupees to 152.30 rupees) and AIA Insurance Lanka (up 29.50 rupees to 950 rupees) contributed to the benchmark index gain.
Sri Lanka Telecom gained 80 cents to 22.10 rupees and Dialog gained 10 cents to 11.80 rupees.
Net foreign buying was 53.8 million rupees, down from buying of 81 million rupees the previous day.
Foreign buying in Softlogic Life Insurance was 94 million rupees, according to Asia Securities.
There was a crossing each in Softlogic Life Insurance for 61.2 million rupees and Teejay Lanka for 33 million rupees.
Teejay Lanka gained 90 cents to 32.90 rupees. (COLOMBO, 13 November 2018)