Sri Lanka rupee opens weaker in forwards, stocks up 0.27-pct

ECONOMYNEXT – The Sri Lanka rupee opened weaker at 176.60/80 rupees against the US dollar in seven-day forwards Tuesday with the spot market continuing to be inactive, while bond yields eased and stocks were up 0.27 percent from gains in Distilleries and John Keells Holdings, market participants said.

The currency ended Monday at 176.10/40 rupees against the greenback in seven-day contracts, weakening from Friday’s closing of 176.00/10 rupees.

The spot market was inactive on Monday as well.

The rupee ended Friday at 175.25/50 rupees against the US dollar in the spot market, weakening from the previous closing of 175.00/50 rupees.

Gilt yields continue to ease in the secondary market.

A bond maturing in 2021 was at 10.18/25 percent in two-way quotes, down from 10.30/40 percent the previous close.

The 2023 was down to 10.65/70 percent, from 10.70/80 percent and the 2024 bond eased to 10.85/88 percent from 10.85/94 percent the previous closing.

A bond maturing in 2026 eased to 10.96/98 percent, down from 10.96/11.04, and the 2029 bond was trading at 11.05/12 percent, down from the previous closing of 11.10/17 percent.

Colombo’s All Share was up 0.27 percent in early trading gaining 14.64 points to 5,457.95 and the S&P SL20 index of more liquid stocks gained 0.57 percent, up 14.86 points to 2,628.23.

Turnover was 4.14 million rupees in the first half hour of trading with 23 stocks gaining and 9 declining.

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Distilleries gained 50 cents to 15 rupees, and John Keells Holdings was up 1.50 rupees to 148 rupees.

Dialog was up 10 cents to 8.80 rupee, and Sampath Bank gained 1.80 rupees to 157.80 rupees. (COLOMBO, 30 April 2019)

 

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