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Sri Lanka rupee flat, gilt yields and stocks plunge

ECONOMYNEXT – Sri Lanka rupee closed flat at 185.80/90 to US dollar in the spot market on Wednesday while bond yields eased and stocks plunged, dealers and brokers said.

Rupees closed at 185.80/95 to the US dollar on Tuesday.

Liquidity in the overnight money market 157.07 billion rupees, down from 165.76 billion rupees on Tuesday.

Banks deposited 157.08 billion rupees in Central bank’s excess liquidity window.

In equities market, Sri Lanka stocks declined 0.61 percent on Wednesday, provisional data shows.

Colombo’s main All Share Price index (ASPI) declined 30.42 points to 4,916.69.

The index reached an intra-day high of 4,947.66 minutes after market open before plunging in the first half-hour. The ASPI then picked up towards noon and followed a side-ways movement until market close.

The S&P SL20 index of more liquid stocks was down 0.83percent or 17.56 points at 2,095.95.

Market turnover amounted to 476.7 million rupees with 41 stocks making gains while 107 stocks made losses.

There were no crossings (negotiated trades) for the day, brokers said.

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Ceylinco Insurance PLC contributed mostly to ASPI’s fall trading at 1,800.00 rupees a share, down 298.00 rupees (14.20 percent).

Ceylon Cold Stores PLC stocks were down 18 rupees a share trading at 680.00 rupees while John Keells Holdings shares declined 1.00 rupee to trade at 107.50 rupees a share, also contributing to the ASPI’s fall.

In the secondary government securities market, gilt yields came down in moderate trading, dealers said.

Dealers said that 2024 maturities were seen liquid in the market for the day.

A 2-year bond maturing on 15.12.2022 closed at 5.42/48 percent on Wednesday, unchanged from 5.42/48 percent at Tuesday’s close.

A bond maturing on 15.01.2023 closed at 5.47/52 percent, down from 5.50/58 percent at Tuesday’s close.

A bond maturing on 15.09.2024 closed at 6.08/12 percent, down from 6.17/20 percent at yesterday’s closing.

A bond maturing on 01.05.2025closed at 6.28/25 percent on Wednesday, down from 6.32/40 percent at Tuesday’s closing.

A bond maturing on 01.02.2026 closed at 6.42/48 percent, falling from 6.52/60 percent.

A bond maturing on 15.10.2027 closed at 6.57/67 percent, down from 6.65/73 percent at Tuesday’s end.

(Colombo/July15/2020)

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