Sri Lanka stocks end 0.19-pct higher, rupee weakens
ECONOMYNEXT – Sri Lanka stocks closed 0.19 percent higher on Friday with markets open for half a day in lieu of the Sinhala and Tamil New Year falling last Saturday, while the rupee weakened against the US dollar, brokers and dealers said.
The rupee weakened to 156.40/48 rupees against the US dollar in the spot market on importer demand, dealers said. The US dollar closed at 156.25/30 rupees the previous day.
Gilt yields closed steady with low volumes in the secondary bond market, dealers said.
A five year bond maturing in 2023 saw its yield increase to 9.98/10.03 in two-way quotes, down slightly from 9.95/10.05 percent the previous day.
A ten year bond maturing in 2018 closed at 10.25/32 percent, down slightly from 10.25/35 percent in two-way quotes the previous day.
The Colombo All Share index gained 12.40 points to 6,540.97, while the S&P SL20 index of more liquid stocks closed 0.07 percent higher, gaining 2.73 points to 3,679.23.
Market turnover was 418.5 million rupees, up from 270 million the previous day.
LOLC (gaining 1.90 rupees to 130.20 rupees), Sri Lanka Telecom (up 50 cents to 28 rupees) and Union Bank (up 70 cents to 15 rupees) contributed to the benchmark index gain.
Sampath Bank closed 2 rupees higher at 307.20 rupees.
Three off-market negotiated trades, or crossings, in Ceylinco Insurance amounted to 279 million rupees, and 67 percent of market turnover,
Ceylinco Insurance closed unchanged at 1,800 rupees.
Net foreign selling was 5.3 million rupees, compared to buying of 57.1 million rupees the previous day.
Foreign selling in Access Engineering was 4 million rupees, followed by 3 million rupees in Regnis Lanka.
Access Engineering closed unchanged at 20 rupees and Regnis Lanka was unchanged at 100 rupees. (COLOMBO, 20 April, 2018)