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Sri Lanka rupee opens stronger, stocks down

ECONOMYNEXT – Sri Lanka rupee was quoted stronger at 185.75/85 to US dollar in the spot market on Wednesday while bond yields were down and stocks plunged, dealers said.

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

In equities market, Sri Lanka stocks declined 0.87 percent on Wednesday, an hour into trading

Colombo’s main All Share Price index (ASPI) declined 43.19 points to 4,903.92, provisional data showed.

The S&P SL20 index of more liquid stocks was down 1.52 percent or 32.22 points at 2,081.29.

Market turnover amounted to 132.3 million rupees with 20 stocks making gains while 87 stocks made losses.

John Keells Holdings contributed mostly to ASPI’s fall trading at 106.90 rupees a share, down 1.60 pecent.

Commercial Leasing & Finance PLC stocks were down 30 cents a share trading at 2.70 rupees while Hemas Holdings shares declined 50 cents to trade at 58.50 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 the 2023 and 2024 maturities were seen liquid in the market for the day.

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

A bond maturing on 15.01.2023 was quoted at 5.45/50 percent, down from 5.50/58 percent at Tuesday’s close.

A bond maturing on 15.09.2024 was quoted at 6.10/14 percent, down from 6.17/20 percent at yesterday’s closing.

A bond maturing on 01.05.2025 was quoted at 6.30/35 percent on Wednesday, down from 6.32/40 percent at Tuesday’s closing.

A bond maturing on 01.02.2026 was quoted at 6.45/48 percent, falling from 6.52/60 percent.

A bond maturing on 15.10.2027 was quoted at 6.60/65 percent, down from 6.65/73 percent at Tuesday’s end.

(Colombo/July15/2020)

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