Sri Lanka rupee flat, stocks gain at open

ECONOMYNEXT – Sri Lanka rupee was quoted flat at 185.75/82 to US dollar in the spot market on Wednesday while bond yields picked up marginally and stocks gained, dealers said.

Rupee closed at 185.75/88 to the greenback on Tuesday.

In equities market, stocks gained 0.11 percent within the first hour into trading.

Colombo’s main All Share Price Index (ASPI) gained 5.60 points to 5,040.05, provisional data showed.

The S&P SL20 index of more liquid stocks climbed 0.04 points to 2,173.65 on Wednesday.

The market turnover amounted to 129.5 million rupees with 32 stocks making gains while 23 made losses.

LOLC Finance PLC contributed most to the ASPI’s gain gaining 10 cents to trade at 3.30 rupees a share.

Haycarb PLC shares traded 20 rupees up at 243.00 rupees a share while Hayleys PLC stocks traded at 149.50 rupees a share up by 9.60 rupees, also contributing to the ASPI’s gain.

In the secondary government securities market, gilt yields were up marginally up in moderate market trade, dealers said.

Sri Lanka’s debt office is selling 35 billion rupees in a weekly auction today split in to 4.6 billion rupees maturing in 3-months, 6 billion rupees maturing in 6-months and 25.5 billion rupees maturing in 12-months.

Dealers said that high liquidity can be seen in 2023 maturity.

A 2-year bond maturing on 15.12.2022 was quoted at 5.42/48 percent on Wednesday, up from 5.40/45 percent at Tuesday’s close.

A bond maturing on 15.01.2023 was quoted at 5.47/50 percent up from 5.45/50 percent at Tuesday’s close.

A bond maturing on 15.09.2024 was quoted at 6.07/12 percent up from yesterday’s closing at 6.02/10 percent.

A bond maturing on 01.05.2025 was quoted at 6.30/38 percent on Wednesday, up from 6.27/35 percent at yesterday’s closing.

A bond maturing on 01.02.2026 was quoted at 6.42/50 percent, flat from yesterday’s closing.

A bond maturing on 15.10.2027 was quoted at 6.55/70 percent, unchanged from 6.55/65 percent at Tuesday’s end. (Colombo/July22/2020)