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Sri Lanka rupee opens stronger, stocks gain

ECONOMYNEXT – Sri Lanka rupee was quoted stronger at 185.80/95 to US dollar in the spot market on Wednesday while bond yields were stable and stocks gained, dealers and brokers said.

Rupee closed at 185.85/95 to the greenback on Tuesday.

In equities the Colombo’s All Share Price Index gained 0.04 percent or 2.14 points at 5,083.92 in the first hour of trading.

The S&P SL20 index of more liquid stocks however declined 0.50 percent or 11.10 points to 2,201.60.

The market turnover was 302.1 million rupees with 38 stocks gaining and 31 falling.

Ceylon Tobacco Company contributed most to the gain of ASPI, climbing 16.50 rupees to trade at 977.50 rupees a share.

LOLC Finance stocks gained 10 cents to trade at 3.40 rupees a share and Industrial Asphalts (Ceylon) PLC stocks gained 10 cents to trade at 20 cents a share, also contributing to the ASPI’s gain.

On the other end, John Keells Holdings stocks plunged 1.90(1.65 percent) rupees to trade at 113.00 rupees a share.

In the secondary government securities market, gilt yields were stable in dull trading, dealers said..

Dealers said that high liquidity was seen in maturity.

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Sri Lanka’s debt office is also offering 28.5 billion rupees up in a weekly auction to be held today split in to 4 billion rupees maturing in 3-months, 6 billion rupees maturing in 6-months and 18.5 billion rupees maturing in 12-months.

A 2-year bond maturing on 15.12.2022 was quoted at 5.78/80 percent on Wednesday, up from 5.77/83 percent at Tuesday’s close.

A bond maturing on 15.01.2023 was quoted at 5.87/93 percent, unchanged from 5.87/90 percent at Tuesday’s close.

A bond maturing on 15.09.2024 was quoted at 6.44/50 percent,down from 6.45/50 percent at Tuesday’s closing.

A bond maturing on 01.05.2025 was quoted at 6.62/70 percent on Wednesday, unchanged from 6.62/67 percent at Tuesday’s closing.

A bond maturing on 01.02.2026 was quoted at 6.73/80 percent, stable from 6.73/80 percent.

A bond maturing on 15.10.2027 was quoted at 6.96/02 percent, unchanged from 6.96/02 percent at Tuesday’s end. (Colombo/July08/2020)