Sri Lanka rupee opens weaker, stocks gain
ECONOMYNEXT- Sri Lanka’s rupee was quoted weaker at 181.70/75 to the US dollar in the spot market on Wednesday while bond yields remained flat and stocks opened 0.22 percent higher, dealers said.
The rupee closed at 181.62/70 to the greenback on Tuesday.
In equities, Colombo’s All Share Price Index gained 13.05 points to 5,844.06 and the S&P SL20 Index of more liquid stocks was up 0.67 percent or 18.65 points to 2,802.31, within the first hour of trade.
Market turnover was 7.6 million rupees with 22 stocks gaining and 10 falling.
John Keells Holdings stocks contributed most to ASPI gaining 1.70 rupees or 1.09 percent to 157.00 rupees a share.
National Development Bank shares gained 3.70 rupees or 98.50 percent to 157.00 rupees a share, while Commercial Bank gained 1.80 rupees to 89.90 rupees a share, also contributing to the ASPI’s gain.
In the secondary government securities market, bond yields held the same rates in moderate trading, a dealer said.
Dealers also said that the 2024 bond maturities were the most liquid.
A bond maturing on 15.12.2021 was quoted at flat at 8.95/10 on Wednesday from Tuesday’s close.
A bond maturing on 01.09.2023 was quoted at 9.25/40 percent, falling from 9.30/40 percent on Tuesday’s close.
A bond maturing on 15.09.2024 was quoted at 9.60/62 percent, falling from 9.55/60 percent yesterday.
A bond maturing on 15.10.2027 was quoted at 9.70/85 percent, unchanged from Tuesday.
A bond maturing on 15.05.2030 was quoted at 9.90/10 percent gaining from its last close at 9.85/05 percent.
A bond maturing on 15.09.2034 was quoted at 9.90/10 percent, up from 9.85/05 percent at Tuesday’s close.
Kithmina Hewage- Institute of Policy Studies