Sri Lanka rupee weakens, stocks gain 0.10-pct
ECONOMYNEXT – The Sri Lanka rupee weakened against the US dollar, as gilt yields edged upwards and stocks closed 0.10 percent higher on foreign buying in property stocks, brokers and dealers said.
The rupee weakened to 158.00/25 rupees against the US dollar in the spot market on importer demand, dealers said. The US dollar closed at 157.80/158.10 rupees on Tuesday.
Gilt yields edged upwards in the secondary bond market.
A five-year bond maturing in 2023 closed at 10.40/43 percent in two-way quotes, narrowing from 10.38/43 percent the previous close.
A ten-year bond maturing in 2028 closed at 10.68.75 percent, up from 10.65/70 percent the previous day.
In equities, the Colombo All Share index gained 0.10 percent, up 6.73 points to 6,472.21, and the S&P SL20 of more liquid stocks closed 0.14 percent higher, gaining 4.89 points to 3,615.18.
Market turnover was 652.7 million rupees, up from 250 million rupees the previous day.
Net foreign buying was 300.8 million rupees, against selling of 23.5 million rupees the previous day.
Foreign buying in RIL Property was 300 million rupees, according to Asia Securities. RIL Property gained 10 cents to 7.50 rupees.
Foreign selling in John Keells Holdings was 38 million rupees and 19 million rupees in Commercial Bank.
John Keells Holdings closed 1 rupee lower at 158 rupees and Commercial Bank was unchanged at 132 rupee.
Distilleries (up 50 cents to 22.50 rupees), Lion Brewery (up 14.90 rupees to 579.30 rupees), Aitken Spence (up 2.40 rupees to 55.50 rupees) and Sampath Bank (up 3.40 rupees to 307.70 rupees) contributed to the benchmark index gain.
Two crossings, or off-market negotiated trades, amounted to 346.4 million rupees and was 53 percent of market turnover.
There was one crossing in RIL Property or 320 million rupees and one in Commercial Bank for 26.4 million rupees. (COLOMBO, 24 May, 2018)
Updated closing LKR/USD spot rate to 158.00/25 from 158.00/20