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Sri Lanka rupee opens weaker, stocks gain on Melstacorp

ECONOMYNEXT- Sri Lanka’s rupee was quoted weaker at 181.53/57 to the US dollar in the spot market on Wednesday, while bond yields opened flat and stocks opened 0.74 percent higher pushed by Melstacorp, dealers and brokers said.

The rupee closed at 181.30/45 to the greenback on Tuesday.

In the equities market, Colombo’s All Share Price Index advanced 44.04 points to 5,958.37 and the S&P SL20 Index of most liquid stocks gained 1.75 percent or 49.54 points to 2,875.77, in the first hour into trading.
Market turnover was 375.4 million rupees with 73 stocks gaining and 10 falling.

Melstacorp Plc was up 2.90 or 7.42 percent to 42.00 rupees a share, contributing most to the ASPI’s gain.

John Keells Holdings Plc opened 1.40 rupees or 0.84 percent up at 167.30 rupees a share while the state telco Sri Lanka Telecom stock opened one rupee or 3.37 percent higher at 30.70 rupees a share, also contributing to ASPI’s increase.

In the secondary bond market, yields were flat in active trading, dealers said.

Sri Lanka’s debt office is offering 25,500 million worth of treasury bills to be sold today split into 1,500 million in three months bills, 7,500 million in six months bills and 16,500 million rupees in one year bills.

A bond maturing on 15.12.2021 was quoted at 8.60/80 percent on Wednesday, unchanged from Tuesday’s close.

A bond maturing on 01.09.2023 was quoted flat at 9.30/34 percent from its last closing yesterday.

A bond maturing on 15.09.2024 was quoted at 9.48/52 percent on Wednesday, falling from 9.50/55 percent yesterday.

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A bond maturing on 15.10.2027 was quoted at 9.73/78 percent today, climbing from 9.70/80 percent on Tuesday.

A bond maturing on 15.05.2030 was quoted at 9.90/10.00 percent gaining from 9.88/98 percent on Tuesday.

A bond maturing on 15.09.2034 was also quoted stable at 10.00/08 percent from its previous close.

(Colombo/Jan22/2020)

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