Sri Lanka rupee weaker at open, stocks fall
ECONOMYNEXT- Sri Lanka’s rupee opened slightly weaker at 179.65/75 to the US dollar Monday morning, while bond yields were steady and stocks fell, dealers said.
The rupee closed at 179.55/65 to the US dollar on Friday.
Dealers said the bond market was quiet, after being highly active on Friday.
The Central Bank on Friday announced that it will inject liquidity into the banking system on March 01, which had resulted in buying interest.
This interest has died down, dealers said.
A bond maturing on 01.08.2021 was quoted at 10.80/88 percent on Monday, unchanged from Friday.
A bond maturing on 15.12.2023 quoted at 10.98/11.05 percent, mostly unchanged from Friday’s closing of 11.00/05 percent.
A 7-year bond maturing 01.08.2026 was quoted at 11.20/26 percent on Monday compared to Friday’s closing of 11.20/24 percent.
A bond maturing on 15.06.2027, quoted at 11.25/35 percent, wider from Friday’s 11.27/32 percent.
A bond maturing on 01.09.2028 quoted at 11.35/45 percent, flat from Friday.
At the Colombo Stock Exchange, the All Share Price Index fell 0.50 percent or 29.48 points to 5,808.38 in the first hour of trading, while the more liquid S&P SL20 Index was down 0.69 percent or 20.50 points to 2,956.97.
The market was active, with turnover of 611.8 million rupees. Two stocks contributed 95 percent to turnover.
Hemas Holdings share fell 20 cents to 83.80 rupees, and generated more than half the turnover.
Commercial Bank of Ceylon share fell 2.10 rupees to 105 rupees, making up around 43 percent of the market turnover.
There was low trading on the John Keells Holdings share, which was down 1.50 rupees to 153 rupees. (Colombo/Feb25/2019-SB)