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Sri Lanka rupee opens weaker, bond yields higher

ECONOMYNEXT – Sri Lanka’s rupee opened weaker at 177.15/25 against the US dollar on Thursday, while stocks were 0.02 percent lower and bond yields were higher, dealers and brokers said.

The rupee closed at 176.90/00 against the greenback on Tuesday.
Wednesday was a market holiday. 
The central bank has been injecting liquidity into the overnight money market.
At the Colombo Stock Exchange, the main All Share Price Index was down 0.02 percent or 1.38 points to 5,947.92 in volatile trading.
The more liquid S&P SL20 Index was down 0.83 percent or 24.62 points to 2,929.58.
Market turnover was 179.87 million rupees, with 22 stocks rising and 55 falling.
The largest listed firm John Keells Holdings was trading 2.20 rupees down at 148.10 rupees a share, pushing the ASPI down.
Banking stock also pushed the market down, after many reported lower profits amid rising bad loans.
Commercial Bank, the largest listed lender which is yet to release its financials, was trading 1.60 rupees down at 107.50 rupees a share, while National Development Bank was trading 4.40 rupees down at 107 rupees a share and Sampath Bank was trading 1.70 rupees down at 163.30 rupees a share.
The banking and finance sector index was down 0.48 percent, while the construction and engineering sector was down 3.77 percent.
Distilleries Company of Sri Lanka, which posted strong earnings (up 50 percent in June) was trading 10 cents up at 16.60 rupees a share.
In the government securities market, bond yields were marginally up following Tuesday’s bill auction, where rates edged up for the first time in 24 weeks.
A bond maturing on 15.10.2021 was quoted at 8.65/75 percent on Thursday, up from 8.63/70 percent at Wednesday’s close.
A bond maturing on 15.03.2023 was quoted at 9.40/50 percent, up from 9.35/45 percent.
A bond maturing on 15.06.2024 was quoted at 9.82/83 percent, up from 9.78/80 percent.
A bond maturing on 01.08.2026 was quoted at 9.92/10 percent, up from 9.87/95 percent.
A bond maturing on 15.01.2027 was quoted at 9.97/05 percent, up from 9.95/00 percent.
A bond maturing on 01.05.2028 was quoted at 9.98/08 percent, unchanged.
A 20-year bond maturing on 15.08.2039 was quoted at 10.00/40 percent, wider from 10.05/35 percent.
(COLOMBO, 13 August, 2019)

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