Sri Lanka rupee falls, bond yields ease
Monday February 18, 2019 17:11:00
ECONOMYNEXT- Sri Lanka’s rupee closed weaker at around 179.85/00 to the US dollar in the spot market on Monday, while bond yields eased and stocks fell 0.20 percent, dealers and brokers said.
The rupee closed at 178.70/80 to the US dollar in the spot market on Friday.
Market participants were awaiting an announcement from the Central Bank, on whom the lead managers for an expected sovereign bond were, dealers said.
The cabinet last week approved the lead manager for the issue, but will ratify the decision this week.
The bond market was somewhat active in the morning but became dull in the afternoon session, dealers said.
Twelve-month bills were quoted at 10.67/75 percent on Monday, compared to Friday’s close of 10.68/73 percent.
A bond maturing on 01.08.2021 was quoted at 10.90/98 percent, falling from the previous close of 11.00/06 percent.
A bond maturing on 15.12.2023, was quoted at 11.10/20 percent, flat from Friday.
A 7-year bond maturing 01.08.2026 was quoted at 11.32/38 percent, easing from 11.33/40 percent at Friday close.
A bond maturing on 15.01.2027, was quoted at 11.36/43 percent, slightly down from the previous close of 11.40/45 percent.
A bond maturing on 01.09.2028 was quoted at 11.45/53 percent, narrower from Friday’s 11.40/55 percent.
At the Colombo Stock Exchange, the All Share Price Index closed 0.20 percent or 11.97 points lower at 5,897.33, while the more liquid S&P SL20 Index fell 0.18 percent or 5.37 points to 3,022.85.
Market turnover was 530.6 million rupees. There was foreign buying with net inflows of 146.1 million rupees to the market.
LOLC Holdings share fell 3.20 rupees to 87.80 rupees, weighing down the All Share.
Fabric manufacturer Teejay Lanka’s share ended one rupee lower at 33.50 rupees.
Diversified Melstacorp’s share closed 60 cents lower at 45.30 rupees after a negotiated trade took place at 45 rupees, also dragging the market down.
Negotiated trades on Hemas Holdings and Tokyo Cement had dominated the market early morning, and contributed to half the daily turnover.
Overall, negotiated trades made up 71 percent of market turnover.
Share prices of 38 firms gained and 75 fell on Friday. (Colombo/Feb18/2019-SB)