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Sri Lanka stocks close 1.06-pct down on banking shares, rupee stronger

ECONOMYNEXT – Sri Lanka stocks fell sharply 1.06 percent at close on Monday dragged down by profit-taking in banking shares while rupee gain against the US dollar in the spot market, dealers and brokers said.

Sri Lanka rupee closed at 186.00/186.10 against the greenback on Monday.

On Friday, the rupee closed at 186.20/30 to the US dollar in the spot market.

In the equities market, Colombo’s All Share Price Index (ASPI) fell 51.36 points to 4,795.40.

The S&P SL20 index of more liquid stocks down 2.67 percent or 53.88 points to 1,962.20.

Market turnover amounted to 839.9 million rupees with 34 stocks climbing and 110 making losses.

Foreigners purchased 307 million rupees while selling 281 million rupees in today’s trading, CSE data showed.

Sri Lanka’s banking stocks continued to make profits in the last few weeks climbing on the ‘wall-of-worry’ however it ended on Friday with re-caliberation of domestic ratings by Fitch after an earlier sovereign downgraded.

Main contributors to the turnover were John Keells Holdings and Sampath Bank. John Keells contributed 227 million rupees and Sampath Bank contributed 138 million rupees.

John Keells Holdings contributed heavily to ASPI’s fall by 2.90 rupees, to trade at 107.20 rupees a share.

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Distilleries Company of Sri Lanka stocks down 60 cents to 15.00 rupees a share and Sampath Bank stocks fell 5.30 rupees to close at 113.30 rupees a share.

In the secondary government securities market, bond yields were steady on dull trade, dealers said.

A bond maturing on 10.08.2021 closed at 6.95/10 percent on Monday, unchanged from 6.95/05 percent at Friday’s close.

A 2-year bond maturing on 01.10.2022 closed at 7.35/40 percent,
stable from 7.36/42 percent.

A bond maturing on 15.01.2023 closed at 7.75/80 percent, easing from 7.73/75 percent at Friday’s close.

A bond maturing on 15.09.2024 closed at 8.40/45 percent on Monday, marginally up from 8.37/42 percent on Friday.

A bond maturing on 15.10.2027 closed at 8.87/90 percent on Monday, up from 8.82/90 percent.

(Colombo/June01/2020)

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