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Sri Lanka rupee opens weaker, stocks up 0.18-pct

ECONOMYNEXT – Sri Lanka’s rupee opened weaker at 179.60/80 against the US dollar on Friday, while stocks opened 0.18 percent higher and bond yields eased after the monetary policy rate cut, dealers said.

The rupee closed at 179.30/60 against the greenback on Thursday.

In equities, All Share Price Index (ASPI) was up 10.80 points to 5,915.82, and the S&P SL20 index of more liquid stocks were 0.91 percent or 26.23 points up at 2,924.52 in the first half-hour of trade.

Market turnover was 54 million rupees with stocks 38 gaining and 13 falling.

Melstacorp opened 1.80 rupees up at 44.80 rupees a share, John Keells Holdings gained 1.40 rupees to 153.00 rupees a share and Brown and Company was up 2.00 rupees to 72.00 rupees a share, contributing to ASPI gain.
    
In the secondary bond market, gilt yields eased in active trading.
    
Dealers said as expected the bond yields eased after the rate cut.
    
A bond maturing on 15.10.2021 was quoted at 8.75/80 percent on Friday, easing from 8.95/9.02 percent on Thursday.
    
A bond maturing on 15.03.2023 was quoted at 9.45/55 percent, down from 9.65/72 percent.
    
A bond maturing on 15.06.2024 was quoted at 9.77/80 percent, falling from 9.98/10.00 percent.
    
A bond maturing on 01.08.2026 was quoted 9.90/10.00 percent, easing from 10.05/15 percent.
    
A bond maturing on 15.01.2027 was quoted at 9.97/10.00 percent, down from 10.09/12 percent.
    
A bond maturing on 01.05.2028 was not quoted, last closed at 10.15/25 percent.
    
A 20-year bond maturing on 15.08.2039 was not quoted, previously closed at 10.15/35 percent. (COLOMBO, 23 August, 2019)

 

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