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Friday June 14th, 2024

Sri Lanka rupee quoted weaker, bond yields stable

ECONOMYNEXT- Sri Lanka’s rupee was quoted marginally firmer at 181.68/75 to the US dollar in the spot market on Tuesday while bond yields remained stable and stocks traded 0.60 percent lower, dealers said.

The rupee ended at 181.70/85 to the greenback on Monday.

In equities, Colombo’s All Share Price Index (ASPI) fell 34.57 points to 5762.73 and S&P SL20 index of more liquid stocks fell 0.86 percent or 23.70 points to 2747.60, within the first hour of trade.

Market turnover was 232 million rupees while 20 stocks gained, and 50 stocks fell.

Ceylon Tobacco Company stocks fell 5.00 rupees to 1,135.00 rupees a share, John Keells Holdings traded 160.00 rupees a share, down 2.30 rupees a share and Union Assurance stocks fell 31.00 rupees a share to trade at 323.00 rupees a share, contributing most to ASPI’s fall.

In the government securities market, bond yields were stable in dull trade while 2024 maturity remained liquid, dealers said.

Dealers said foreign investors continued to exit the market as the coronavirus spiked outside China; a trend seen in emerging markets.

The spread of coronavirus cases spiked outside mainland China, including Bahrain, Kuwait, Oman reporting first cases while Iran reported 17 cases and Korea emerging the new COVID-19 hotbed, media reports said,

A total of nine countries in the Middle East reported their first coronavirus cases on Monday.

The World Health Organisation (WHO) said on Monday that the coronavirus outbreak has not reached a pandemic level but advised the countries to prepare to deal with such situations, reported Al Jazeera.

A bond maturing on 15.12.2021 was quoted flat at 8.95/05 percent on Tuesday from its previous close.

A bond maturing on 01.09.2023 was quoted at 9.40/55 percent, easing from 9.50/60 percent at the previous close.

A bond maturing on 15.09.2024 was quoted at 9.70/78 percent on Tuesday, steady from 9.70/80 percent at Monday’s end.

A bond maturing on 15.10.2027 was quoted unchanged at 9.85/10.00 from Monday’s close.

A bond maturing on 15.05.2030 was quoted 9.95/10.20 percent flat from yesterday’s close.

A bond maturing on 15.09.2034 was quoted at 9.90/10.25 percent, easing from 10.10/10.30 percent.


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Sri Lanka opposition leader proposes Grama Rajya system in addition to 13A

Opposition leader Sajith Premadasa (r) – File photo

ECONOMYNEXT — Sri Lanka opposition leader Sajith Premadasa has proposed devolving power to the village level through a Grama Rajya system in addition to implementing the 13th amendment to the constitution.

Speaking at an event in Jaffna on on Wednesday June 12, Premadasa said all provinces will benefit from the 13th amendment.

“Whatever one’s ethnicity, religion, status or region, this country has citizens of equal level. They’re all Sri Lankan citizens.

“There is no division or grouping.  As we give you and every other province what you should be given through the 13th amendment, we must implement a Grama Rajya system,” Premadasa said, addressing a crowd of school children and other attendees.

Premadasa’s assurance of implementing the 13th amendment has already drawn some protest in the south.

A collective of civil society organisations held a protest outside the office of the leader of the opposition in Colombo on Thursday June 12.

Calling itself the ‘Coalition Against Partition of Sri Lanka’, the group carrying national flags marched up to the opposition leader’s office Thursday June 13 morning and demonstrated against the full implementation of the 13th amendment.

“We arrived here today to hand over a missive against devolving police powers, land powers and judicial powers. If Mr Premadasa is inside, come outside,” Jamuni Kamantha Thushara, Chairman of the Citizen’s Movement Against Fraud, Corruption, and Waste, was seen declaring at the site.

“First of all, tell us what we stand to achieve by dividing and giving away the north and east,” said another protestor, warning against bringing the 13th amendment “anywhere here (paththa palaathe)”.

A police officer at the scene the protestors that a secretary to the opposition leader was ready to accept their letter.

“In Kilonochchi, he says the 13th amendment will be implemented. The votes in the north are going to be decisive this election. To win those votes, President Ranil Wickremesinghe, Sajith and Anura Kumara Dissanayake all say they will implement the 13th. We will not allow this country to be divided into nine pieces,” said Thushara.

Ven Balangoda Kassapa Thero, who was arrested on June 06 during a protest against the new Electricity Act, was also seen at Thursday’s protest. The Buddhist monk requested for a debate with Premadasa on the matter of the 13th amendment. (Colombo/Jun12/2024)

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Sri Lanka rupee closes flat at 303.85/95 to US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed broadly flat at 303.85/95 to the US dollar on Thursday, from 303.80/304.00 to the dollar the previous day, dealers said. Bond yields were down.

A bond maturing on 15.12.2026 closed at 10.00/30 percent, down from 10.20/40 percent.

A bond maturing on 15.10.2027 closed at 10.60/75 percent.

A bond maturing on 01.07.2028 closed at 11.00/15 percent, down from 11.15/40 percent.

A bond maturing on 15.09.2029 closed at 11.80/85 percent.

A bond maturing on 15.05.2030 closed at 11.85/12.05 percent, down from 11.90/12.05 percent.

A bond maturing on 01.10.2032 closed stable at 11.95/12.15 percent. (Colombo/Jun13/2024)

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Sri Lanka sells Rs295bn in 2027 to 2031 bonds

ECONOMYNEXT – Sri Lanka has sold 295 billion rupees in 2027, 2029 and 2031 bonds, data from the state debt office showed.

The debt office sold an offered 60 billion rupees of 15 October 2027 at an average yield of 10.30 percent.

All offered 125 billion rupees of 15 September 2029 bonds were sold at 11.00 percent.

All 110 billion rupees offered of 01 December 2031 bonds were sold at 12.00 percent. (Colombo/May13/2024)

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