Sri Lanka stocks gain 0.19-pct, bond yields rise and rupee weakens

ECONOMYNEXT – Sri Lanka stocks gained 0.19 percent Monday on thin trading volumes after the long New Year weekend, while gilt yields increased across all tenures and the rupee weakened against the US dollar, brokers and dealers said.

The US dollar closed at 155.95/156.00 rupees in the spot market. The rupee weakened from the previous closing of 155.70/80 rupees against the greenback on import demand, dealers said.

Sri Lanka’s gilt yields rose across all tenures on moderate trading volumes despite a 2.5 billion US dollar sovereign bond sale last Thursday, brokers said.

A five year bond maturing in 2023 was quoted at 9.97/10.02, up from 9.80/85 percent.

A ten year bond maturing in 2028 closed at 10.25/30 percent, up from 10.10/15 percent.

A 15-year bond maturing in 2033 saw two-way quotes increase to 10.50/60 percent Monday, up from 10.20.40 percent the previous day.

The Colombo All Share Index closed 12.52 points higher at 6,496.44, while the S&P SL20 index of more liquid stocks closed 5.69 points lower, down 0.15 percent to 3,671.29.

Market turnover was 101.9 million rupees, down from 356.9 million rupees the previous close Thursday.

Turnover volume was down 82 percent from the previous close, after the long New Year weekend.

Net foreign selling was 8.1 million rupees. Foreign selling the previous market day was 104 million rupees.





Foreign selling in John Keells Holdings was 4 million rupees and 2 million rupees in Citizens Development Business Finance (CDB).

JKH closed gained 10 cents to 159 rupees and CDB closed 1 rupee lower at 84 rupees.

Distilleries (up 1.20 rupees to 20.50), Softlogic Holdings (gaining 1.10 rupees to 23.30) and Ceylinco Insurance (up 59.10 rupees to 1,709.70) contributed to the benchmark index gain.

Sri Lanka Telecom fell 90 cents to 27.80 rupees after its 7 billion 10-year debenture issue was oversubscribed on opening day last Wednesday.

There were no off-market negotiated trades, or crossings. (COLOMBO, 16 April, 2018)

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