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Saturday April 20th, 2024

Sri Lanka rupee quoted weaker, stocks down 3.75-pct

ECONOMYNEXT- Sri Lanka’s rupee quoted weaker at 183.85/184.05 to the US dollar in the spot market on Friday while bond yields climbed and stocks quoted 3.42 percent lower, dealers said.

The rupee ended at 182.90/183.30 to the greenback on Thursday.

Colombo’s main, All Share Price Index fell 179.07 points to 4,838.96 and S&P SL20 Index of more liquid stocks down 5.62 percent or 128.90 points to 2,164.79 within the first hour of trade.

The market turnover was 375.4 million rupees meanwhile 10 stocks gained and 149 fell.

John Keells Holdings stocks down 7.30 rupees at 124.00 rupees a share, LOLC Holdings stocks fell 13.30 rupees to 99.00 rupees a share while Dialog Axiata stocks down 70 cents to 9.50 rupees a share, dragging ASPI down.

Sri Lanka reported its second coronavirus yesterday while globally the infection surged.

In the government securities market, bond yields gained in active trade, dealers said.

Dealers said the market climbed on local selling.

A bond maturing on 15.12.2021 was quoted at 8.85/15 percent on Friday, up from 8.80/9.00 percent at Thursday’s close.

The newly auctioned 2-year bond maturing on 01.10.2022 was quoted 9.35/42 percent, gaining from 9.27/30 percent at the previous day’s close.

A bond maturing on 01.09.2023 was quoted at 9.55/75 percent, gaining from 9.40/65 percent at the previous day’s close.

A bond maturing on 15.09.2024 was quoted at 9.90/10.00 percent on Friday, up from 9.80/85 percent at Thursday’s close.

A bond maturing on 15.10.2027 was quoted at 10.05/10.15 percent, gaining from 10.00/10.05 percent.

A bond maturing on 15.05.2030 was quoted at 10.00/30 percent, up from 9.90/20 percent.

A bond maturing on 15.09.2034 was quoted at 10.00/40 percent, climbing from 9.90/25 percent the previous day’s end.
(Colombo/ Mar13/2020)

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Sri Lanka discussing giving extra land, water for Chinese oil refinery

ECONOMYNEXT – Sri Lanka is in discussions with China’s Sinopec to give extra land and assure water supplies after the company decided to expand the capacity of a planned oil refinery in Hambantota, Energy Minister Kanchana Wijesekera said.

“There are concerns on how the water supply is going to be provided for the refinery,” Minister Wijesekera told reporters Friday.

The refinery will need more land and also revise conditions in a Board of Investment agreement, he said.

Read more
Sinopec to double capacity of new refinery in Sri Lanka’s Hambantota

Recommendations and decisions from Sri Lanka’s side had already been sent and Sinopec is expected to revert back in May.

“We are hoping to sign the agreement once everyone has agreed,” Wijesekara said.

The principle agreements are expected to be signed by June, he said.

The refinery could sell up to 10 percent of its output in the domestic market.

“There is no commitment by the government to purchase anything,” Minister Wijesekera said. (Colombo/Apr19/2024)

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Sri Lanka rupee closes weaker at 302.00/50 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 302.00/50 to the US dollar in the spot forex market on Friday, down from 301.50/302.00 a day earlier, dealers said.

There was increased demand for dollars after the central bank bought 715 million dollars from forex markets. In the previous two months it was buying on average about 200 million US dollars, leaving market participants and bank in a ‘oversold’ position.

There were some official dollars sales Friday dealers said.

READ Sri Lanka rupee quoted wide to US dollar as peg inconsistencies flare up

Bond yields were broadly steady.

A bond maturing on 15.12.2026 closed at 11.30/40 percent down from 11.35/40 percent.

A bond maturing on 15.09.2027 closed at 11.95/12.05 percent up from 11.90/12.05 percent.

A bond maturing on 15.12.2028 closed stable at 12.15/25 percent.

A bond maturing on 15.09.2029 closed stable at 12.30/40 percent.

A bond maturing on 01.10.2032 closed stable at 12.40/50 percent. (Colombo/Apr19/2024)

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Sri Lanka stocks close down, banks trade down

ECONOMYNEXT – The Colombo Stock Exchange closed down on Friday, data on its site showed.

The broader All Share Index closed down 0.38 percent, or 44.80 points, at 11,753; while the S&P SL20 Index closed down 0.53 percent, or 18.46 points, at 3,456.

Turnover was at 1.4 billion. The diversified financials (Rs366mn) and banks (Rs266mn) sectors continued to see selling pressure.

“This was possibly due to uncertainty around the bond discussions,” market participants said.

With the exception of Sampath Bank Plc (up at 77.50) all other banks traded down in the day. Commercial Bank of Ceylon Plc was down at 104.50, Hatton National Bank Plc was down at 188.50, and DFCC Bank Plc was down at 77.00.

LOLC Finance Plc saw the most trades and closed up at 6.40. Another LOLC company, Browns Investments Plc, also saw high traded volumes and closed up at 5.60.

Softlogic Capital Plc was up at 7.00, and Softlogic Holdings Plc was up at 11.20. A trading suspension imposed on SHL.N0000 was lifted effective today as the company submitted the annual report for the year ended 31st March 2023.

However, shares of the Company will remain in the Watch List “due to Qualified Audit Opinion and Emphasis of matter on going concern in the Independent Auditor’s Report in the Audited Financial Statements for the year ended 31st March 2022.”

Dialog Axiata Plc, which announced its merger with Bharti Airtel Thursday, saw its share price close up at 11.90.

“There was some traction on index heavyweights,” market participants pointed out.

Top contributors to the APSI included Aitken Spence Plc (up at 134.50), Ceylon Tobacco Company Plc (up at 1,245.25, and Lion Brewery (Ceylon) Plc (up at 1,048.50).

There was a net foreign inflow of 5 million. (Colombo/Apr19/2024)

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