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Sri Lanka rupee stronger, stocks gain at open

ECONOMYNEXT – Sri Lanka rupee was quoted stronger at 185.75/85 to US dollar in the spot market on Wednesday while bond yields and stocks fell, dealers and brokers said.

Rupee closed at 185.75/85 to the greenback on Tuesday.

In equities the Colombo’s All Share Price Index advanced 0.37 percent or 18.59 points at 5,088.11 in the first hour into trading.

The S&P SL20 index of more liquid stocks climbed 0.71 percent or 15.60 points to 2,211.28.

The market turnover was 338.6 million rupees with 61 stocks gaining and 30 falling.

John Keells Holdings contributed most to ASPI’s spike, gaining 1.90 rupees to trade at 114.90 rupees a share.

Other stocks which dragged ASPI were, LOLC Holdings stocks which gained 1.90 rupees to trade at 122.00 rupees a share, and Sri Lanka Telecom stocks up 50 cents to trade at 29.00 rupees a share.

On the other end, Ceylon Tobacco Company stocks dropped 13.80 rupees (1.42 percent) rupees to trade at 960.90 rupees a share.

In the secondary government securities market, gilt yields were down in active trading, dealers said.

Dealers said the maturities ranging from 2022 to 2024 were seen liquid in the market for the day.

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Sri Lanka’s debt office offered 28.5 billion rupees up in a weekly auction yesterday split into 4 billion rupees maturing in 3-months, 6 billion rupees maturing in 6-months, and 18.5 billion rupees maturing in 12-months.

Central Bank is also having a monetary policy review today.

A 2-year bond maturing on 15.12.2022 was quoted at 5.50/56 percent on Thursday, down from 5.75/80 percent at Wednesday’s close.

A bond maturing on 15.01.2023 was quoted at 5.60/65 percent, easing from 5.85/90 percent at Wednesday’s close.

A bond maturing on 15.09.2024 was quoted at 6.30/33 percent, down from 6.42/47 percent at Wednesday’s closing.

A bond maturing on 01.05.2025 was quoted at 6.45/55 percent on Thursday, slipping from 6.58/66 percent at Wednesday’s closing.

A bond maturing on 01.02.2026 was quoted at 6.65/70 percent, down from 6.68/78 percent.

A bond maturing on 15.10.2027 was quoted at 6.75/85 percent, easing from 6.90/7.00 percent at Wednesday’s end. (Colombo/July09/2020)

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