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Sri Lanka rupee steady, stocks close 0.10-pct lower

ECONOMYNEXT – The Sri Lanka rupee closed steady against the US dollar on Wednesday while gilt yields edged higher and stocks closed 0.10 percent lower on thin volumes, brokers and dealers said.

The rupee closed at 157.80/158.10 against the US dollar in the spot market amidst selling interest by state-banks, dealers said. The US dollar closed at 158.00/10 rupees on Tuesday.

Gilt yields were unchanged in the secondary bond market.

A five-year bond maturing in 2023 closed at 10.38/43 percent in two-way quotes, broadening from 10.40/43 percent the previous close.

A ten-year bond maturing in 2028 closed at 10.65/70 percent, unchanged from the previous day.

In equities, the Colombo All Share index fell 0.10 percent, down 6.77 points to 6,465.48, and the S&P SL20 of more liquid stocks fell 0.07 percent, down 2.50 points to 3,611.44.

Market turnover was 250 million rupees, down 68 percent from the previous day.

Nestle Lanka (declining to 47.90 rupees to 1,652.10 rupees), John Keells Holdings (down 1 rupee to 159 rupees), Union Assurance (down 16.20 rupees to 225 rupees) and Brown and Company (down 9.90 rupees to 60 rupees) contributed to the benchmark index decline.

Foreign selling was 23.5 million rupees, compared to buying of 73.3 million rupees the previous day.

Foreign selling in Hemas Holdings was 33 million rupees, according to Asia Securities.





Hemas Holdings closed 20 cents lower at 125 rupees.

There were no off market negotiated trades, or crossings. (COLOMBO, 23 May, 2018)

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