Sri Lanka rupee weakens, stocks down 0.52-pct
ECONOMYNEXT – The Sri Lanka rupee weakened against the US dollar, while gilt yields eased and stocks closed 0.52 percent lower Monday amidst foreign selling in Teejay Lanka and John Keells Holdings, brokers and dealers said.
The rupee weakened to 157.95/158.15 rupees against the US dollar in the spot market Monday, on moderate trading volumes, dealers said. The US dollar closed at 157.85/158 rupees the previous day.
Gilt yields were seen easing in the secondary market for government bonds.
A five-year bond maturing in 2023 closed at 10.35/43 percent in two-way quotes, down from 10.42/45 percent last Friday.
A ten-year bond maturing in 2028 closed at 10.65/68 percent, down from 10.70/80 percent the previous close.
The Colombo All Share index closed 0.52 percent lower, down 33.91 points to 6,444.96, and the S&P SL20 of more liquid stocks closed 0.36 percent lower, down 13.07 points to 3,609.04.
Market turnover was 924.4 million rupees, up 20 percent from the previous close.
Net foreign selling was 333.2 million rupees, against buying of 24.3 million rupees the previous day.
Foreign selling was 257.3 million rupees in Teejay Lanka, followed by 61 million in John Keells Securities, according to Asia Securities.
Teejay Lanka gained 40 cents to 30.10 rupees and JKH closed 2 rupees lower at 160 rupees.
JKH, Dialog (down 20 cents to 14 rupees) and Softlogic Holdings (down 1 rupee to 22 rupees) weighed down the benchmark index.
Six off-market negotiated deals, or crossing, in Teejay Lanka amounted to 485.1 million rupees, accounting for 52 percent of market turnover. (COLOMBO, 14 May 2018)