Sri Lanka rupee weakens, stocks open 0.18-pct lower

ECONOMYNEXT – The Sri Lanka rupee weakened against the US dollar Monday and stocks opened 0.18 percent lower on selling in index-heavy John Keells Holdings which reported weak quarterly earnings for June, brokers and dealers said.

The rupee opened at 159.85/95 rupees against the US dollar in the spot market, weakening from Thursday’s closing of 159.55/65 rupees on importer demand, dealers said.

Gilt yields eased in early trading at the secondary market for government bonds on thin volumes.

A five year bond maturing in 2023 was quoted at 10.16/22 percent, down from the previous closing of 10.18/23 percent.

A ten-year bond maturing in 2028 was quoted at 10.47/55 percent, down from the 10.50/58 percent the previous close.

In equities, the Colombo All Share index opened 0.18 percent lower on thin volumes, down 11.24 points to 6,142.75 and the S&P SL20 of more liquid stocks was down 0.18 percent, 6.09 points to 3,354.28.

John Keells Holdings was 2 rupees lower at 140 rupees, and John Keells Hotels was down 40 cents to 8.10 rupees.

John Keells Holdings June quarter profits fell 23 percent from a year ago while John Keells Hotels’ losses deepened to 14 percent.

Teejay Lanka was up 20 cents to 32.40 rupees. The company’s June quarter profits rose 27 percent on improving revenue due to GSP Plus.

Vallibel Finance was down 80 cents to 68 rupees, but the finance company reported a 31 percent growth in profits in the June quarter. (COLOMBO, 30 July 2018)

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