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Wednesday February 1st, 2023

Sri Lanka stock trading halted after 5-pct plunge over COVID19

ECONOMYNEXT – Trading at Sri Lanka’s Colombo Stock Exchange was halted for 30 minutes Thursday after Standard and Poor’s Sri Lanka 20 Index of liquid stocks plunged 5 percent as investors followed global markets down.

The S &; P SL 20 Index fell 121 points to 2,284 points while the benchmark All Share Point Index was down 212 points to 5008 points.

On Wednesday Sri Lanka’s stocks recovered from an eight year low a day earlier, when trading was also halted.

But renewed Coronavirus restrictions in the West which unsettled global markets have also spooked domestic investors, brokers said.

The CSE halted trading from 1145 am to 1215 Thursday.

“There is some panic in the market after the first domestic transmission of a Coronavirus patient occurred,” a broker said.

“Today it is mostly panic. Turnover is low.”

Rumours have spread in Colombo that a student of a leading school who was the son of the first Sri Lankan Coronavirus patient had been infected. But Anil Jayasinghe head of Sri Lanka’s health service said no such finding had been made.

Foreign investors have been selling out of the market for some time, but local investors are also selling.

John Keells Holdings down 6.30 rupees to 129.70 rupees a share

Commercial Bank down 3.20 rupees to 74.80 rupees a share

CTC down 8 rupees to 1,012 rupees a share

HNB down 7.80 rupees to 110 rupees a share

Seylan Bank was down 2.50 rupees to 39.50 rupees a share

Aitken Spence Hotels was down 1.50 rupees to 18 rupees a share while Aitken
Spence plc was down 3.30 rupees to 35 rupees a share.

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Sri Lanka shares edge up at close

ECONOMYNEXT- Sri Lanka’s shares edged up on Wednesday pushed as investors bought in to beaten down shares following the previous session’s drop, market analyst said.“

At this price level what we are seeing is a lot of confidence from the investors to collect when the prices drop. So, the market is not falling sharply,” a market analyst said.

Market had also seen buying in Expolanka shares on speculation that the parent company of SG Holdings was buying back into the shares.

All Share Price Index (ASPI) edged up by 0.96 percent or 84.96 points to 8,950.01.

The most liquid index S&P SL20 gained 1.27 percent or 35.02 points to 2,799.53.

Banking and Insurance counters had seen interest on the back of positive sentiments from the IMF.

The central bank has said it could cut interest rates in future when the the country sees fall in inflation, which has already started decelerating.

The market saw a turnover of 1.5 billion rupees today,lower than the month’s daily average of 1.8 billion rupees and nearly half of 2022 average turnover of 2.9 billion rupees.

The bourse saw a flow of net foreign inflow of 45 million rupees extending the net offshore buying to 1.9 billion so far this year.

Top gainers of the day were Commercial Bank, Expolanka, and Ceylinco Insurance. (Colombo/Feb01/2023)

 

 

 

 

 

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Sri Lanka bond yields down at close

ECONOMYNEXT – Sri Lanka’s bond yields were down at close following a bond auction on Wednesday, dealers said while a guidance peg for interbank transactions remained unchanged.

“The rates were steady at the auction,” a dealer said.

“This can be a signal to the market saying the rates will go down in the future.”

A bond maturing on 01.07.2025 closed at 32.40/60 percent, down from yesterday’s 32.60/85 percent.

A bond maturing on 01.05.2027 closed at 29.10/35 marginally down from yesterday’s 29.20/75 percent.

The Central Bank’s guidance peg for interbank US dollar transactions remained unchanged at 362.14 rupees against the US dollar.

Commercial banks offered dollars for telegraphic transfers at 371.38 rupees on Friday, data showed. (Colombo/Feb 01/2022)

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Sri Lanka bill auction hits pothole after 2025 bond spike

ECONOMYNEXT – Sri Lanka sold only 45 billion rupees in Treasury bills at Wednesday’s auction after offering 120 billion rupees, data from the state debt office showed, amid market confusion over a spike in a two year bond at an earlier action.

30.1 billion rupees of 3-month bills were sold at 29.91 percent, unchanged from a week earlier after offering 60 billion rupees for auction.

5.1 billion rupees of 6-month bills were sold at 28.72 percent, flat after offering 30 billion.

10.3 billion rupees of 12-month bills were sold at 27.72 percent after offering 30 billion.

Phase II subscriptions have been opened.

The market was foxed after the 2025 bonds were accepted at sharply higher yield than market on January 30, dealer said.

There was further confusion as the there was an outright purchase of 2025 at around 29 percent earlier in January.

Some investors speculated that the authorities were trying to drive more buyers towards short end bonds as bill volumes were getting larger. (Colombo/Feb01/2023)

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