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Sri Lanka rupee opens Feb weaker, gilt yields unchanged

ECONOMYNEXT – Sri Lanka rupee was quoted weaker at 181.40/50 percent to the US dollar in the spot market on Monday while bond yields remained unchanged in the secondary market and stocks opened 0.18 percent higher, dealers and brokers said.

The rupee closed at 181.35/45 to the greenback on Friday.

In the equities market, Colombo’s All Share Price Index (ASPI) gained 10.66 points to 5,940.42 and the S&P SL20 Index of most liquid stocks up 0.35 percent or 10.06 points to 2,845.10 in the first hour of trade.

Market turnover was 143.3 million rupees while 25 stocks gained and 16 fell.

Commercial Bank of Ceylon stocks traded a rupee up at 93.00 rupees a share and Dialog Axiata gained 10 cents to 12.60 rupees a share.

China’s stocks tanked almost 9 percent today as Chinese traders returned from their extended Lunar New Year break.

The market was hit by fears that the coronavirus, which has killed more people than SARS, could hamper the country’s economy.

In the secondary market, bond yields remained steady in moderate trade, a dealer said.

Sri Lankan dealers said they have not witnessed an impact on the local market from Chinese markets yet. They said the crash of the Chinese markets and the foreign outflows seeing last week in the Sri Lankan market could be a reason for the market to hold at the same rates.

Dealers said the liquidity centered on 2023 and 2024 maturities.

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Call money was quoted at 6.95/7.05 percent on Monday.

A bond maturing on 15.12.21 was quoted at 8.40/60 percent on Monday unchanged from Friday’s close.

A bond maturing on 01.09.2023 was quoted at 8.92/9.02 percent, marginally falling from 8.93/9.03 percent at the previous close.

A bond maturing on 15.09.2024 remained unchanged at 9.22/27 percent on Monday.

A bond maturing on 15.10.2027 was quoted at 9.37/47 percent, Sliding from 9.40/55 percent.

A bond maturing on 15.05.2030 was quoted at 9.45/50, steady from 9.45/55 percent at Friday’s close.

A bond maturing on 15.09.2034 closed at 9.40/55 percent, falling from 9.45/65 percent at Thursday’s close. (Colombo/Feb03/2020)

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