Sri Lanka rupee opens stronger, stocks gain

 ECONOMYNEXT – Sri Lanka’s rupee opened stronger at 175.65/75 rupees against the US dollar in the spot market on Wednesday while stocks gained, and bonds yields were mostly stable in an active market, brokers and dealers said.

Sri Lanka’s rupee close at 175.70/75 rupees against greenback on Monday.

In equities, Colombo’s All Share Price Index (ASPI) was up 28.76 points to 5,616.12.

The S&P SL20 of more liquid stocks gained 0.57 percent or 14.97 points to 2,657.99, in the first hour of trade.

Market turnover was 184 million rupees with 74 stocks gaining and 14 declining.

Dialog Axiata gained 30 cents to 10.40 rupees a share, Hemas Holdings was up 3.90 rupees to 73.90 rupees a share and Brown and Company was 3.40 rupees up at 49.50 rupees a share, contributing to the ASPI gain.

In the bond market, active trading was seen, especially on shorter maturities such as the 2021, 2023 and 2024 bonds ahead of a primary bill auction later today, dealers said.

The debt office is offering 23.5 billion rupees in bills, split into 3 billion rupees in 3-month bills, 4 billion rupees in 6-months bills and 16.5 billion rupees in 12-months maturities.

In the secondary market, a bond maturing on 15.10.2021 was quoted at 8.75/80 percent on Wednesday, up from 8.70/80 percent at Monday’s close.

A bond maturing on 15.03.2023 was quoted at 9.42/48 percent, down from 9.50/60 percent.

A bond maturing on 05.06.2024 was quoted at 9.75/78 percent, up from 9.72/78 percent.

A bond maturing on 01.08.2026 was quoted at 9.90/97 percent, steady from 9.90/10.00 percent. 

A bond maturing on 15.01.2027 was quoted at 9.97/10.02 percent, stable from 9.97/05 percent.

A 10-year bond maturing on 01.05.2029 was quoted at 10.03/13 percent, down from 10.05/12 percent. (COLOMBO, 17 July 2019)