Sri Lanka stocks extend gains, rupee weaker

ECONOMYNEXT  – Sri Lanka’s stocks continued to surge for the third straight day as the rupee weakened amid an unprecedented political crisis.

The rupee was quoted around 174.10/50 to the US dollar in mid morning trade Tuesday down from 173.80/174.00 to the US dollar on Monday.

Stocks were up 0.57 percent with the Colombo All Share Index near the pyscholoigical 6,000 point level by 10,00 am gaining 32 points to reach 5,976.

John Keells Holdings was up 3.10 rupees to 145 rupees and Commercial Bank gained 1 rupee to 115 rupees.

Sampath Bank gained 3.40 rupees to 233.40 rupees.

Stock surged 1.9 percent on Monday, the highest gain in four years as market topped 4.16 billion rupees, with John Keells Holdings contributing 2.97 billion rupees.

The stock had gained 1.80 rupees to 141.90 rupees on Monday with foreign selling in John Keells Holdings amounting to 2.8 billion rupees.

In bond markets a three-year bond maturing on 15.10.2021 was quoted at 11.30/50 percent, up from 11.20/30 percent Monday, dealers said.

A five-year bond maturing on 15.07.2023 was quoted at 11.40/11.65 percent, up from the previous day’s closing of 11.40/60 percent.

On Monday rupee fell sharply and bonds yields rose, but stocks surged.

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Sri Lanka’s parliamentary speaker, Karu Jayasuriya is due to meet party leaders later in the day, to decide whether to recall parliament, which was suspended by President Maithripala Sirisena.

Sri Lanka is in the grip of an unprecedented political crisis, following the appointment of Mahinda Rajapaksa as Prime Minister on Friday. (Colombo/Oct30/2018)
 

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