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Sri Lanka rupee opens weaker, stocks up

ECONOMYNEXT – Sri Lanka rupee opened weaker at 186.55/75 to the US dollar on Thursday while stocks gained and bond yields fell further, dealers said.

Rupee closed on Wednesday at 186.45/65 against the greenback.

In the secondary government securities market, yields came down further in an active market trade, dealers said.

Yields plunged more than 50 basis points after Central Bank halved its statutory reserve ratio to 2 percent from 4 at yesterday’s close following President Gotabaya slamming the Central Bank.

A bond maturing on 01.08.2021 was quoted at 6.45/55 percent on Thursday, down from 6.60/80 percent at the previous day’s close.

A new 2-year bond maturing on 15.12.2022 was quoted at 6.85/88 percent, sliding from 6.87/92 percent at Wednesday’s end.

A bond maturing on 15.01.2023 was quoted at 6.90/93, falling from 6.93/99 percent.

A bond maturing on 15.09.2024 was quoted at 7.48/52 percent, up from 7.47/52 percent at the previous day’s close.

A bond maturing on 01.05.2025 was quoted at 7.70/72 percent on Thursday, flat from yesterday’s end.

A bond maturing on 01.02.2026 was quoted at 7.80/85 percent, unchanged from Wednesday.

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A bond maturing on 15.10.2027 was quoted at 8.10/15 percent, unchanged from 8.10/20 percent at the previous day’s close.

In the equities market, Colombo’s main, All Share Price Index (ASPI) advanced 0.46 percent or 22.95 points to gain 4,981.19.

S&P SL20 index of most liquid stocks gained 1.36 percent or 28.81 points to 2,149.92.

Market turnover was 222.3 million rupees with 54 stocks gaining and 16 stocks sliding.

LOLC Holdings contributed most to ASPI’s gain, advancing 2.90 rupees to trade at 124.90 while Hatton National Bank stocks gained 4.10 rupees to trade at 108.90 rupees a share.

John Keells Holdings stocks climbed 1.00 rupee to trade at 120.00 rupees a share.

(Colombo/June18/2020)

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