Sri Lanka rupee opens flat, stocks plunge

ECONOMYNEXT – Sri Lanka rupee was quoted flat at 185.80/95 to US dollar in the spot market on Monday while bond yields eased and stocks plunged, dealers said.

Rupees closed on Thursday at 185.80/90 to the US dollar.

In equities market, Sri Lanka stocks plunged 2.97 percent within the forst hour of trading on Monday, provisional data showed.

Colombo’s All Share Price Index dropped 148.52 points to 4,844.10.

The S&P SL20 index of more liquid stocks dipped 4.31 percent or 92.31 points to 2, 047.88.

Market turnover amounted to 706.4 million rupees with nine stocks making gains while 152 stocks made losses.

Ceylon Tobacco Company dragged the ASPI down, contributing most to its fall by trading at 949.00 rupees a share down by 1.00 rupee.

Melstacorp PLC stocks traded 1.00 rupee down at 28.70 while Sampath Bank shares fell 2.70 rupees to trade at 118.50 rupees a share, also contributing to the ASPI’s fall.

Meanwhile, on the other end John Keells Holdings shares traded at 110.50 rupees, making slight gains.

In the secondary government securities market, gilt yields eased marginally in moderate trading, dealers said.

Dealers said the maturities ranging from 2022 to 2024 were seen liquid in the market for the day.

Sri Lanka is also offering 40 billion rupees in treasury bonds on an auction today.

A 2-year bond maturing on 15.12.2022 was quoted at 5.42/47 percent on Monday, down from 5.45/48 percent at Friday’s close.

A bond maturing on 15.01.2023 was quoted at 5.48/53 percent, easing from 5.53/57 percent at Friday’s close.

A bond maturing on 15.09.2024 was quoted at 6.20/23 percent, down from 6.23/28 percent at last week’s closing.

A bond maturing on 01.05.2025 was quoted at 6.30/37 percent on Monday, slipping from 6.35/43 percent at Friday’s closing.

A bond maturing on 01.02.2026 was quoted at 6.50/55 percent, unchanged from 6.50/60 percent.

A bond maturing on 15.10.2027 was quoted at 6.65/73 percent, up from 6.60/75 percent at Friday’s end.

(Colombo/July13/2020)

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