Sri Lanka stocks gain 2.99-pct, bond yields up
ECONOMYNEXT- Sri Lanka stocks gained 2.99 percent in mid-day while bond yields rose, dealers and brokers said.
Colombo’s All Share Price Index (ASPI) advanced 2.99 percent or 137.57 points up to 4,744.42.
The S&P SL20 of more liquid stocks went up by 3.20 percent or 59.05 points to 1,906.76.
Market turnover was 604 million rupees with 114 stocks making gains and 19 stocks falling.
Ceylon Tobacco Company was up 30.00 rupees, trading at 950.00 rupees a share, contributing most to the ASPI’s gain.
Ceylon Cold Stores share climbed 94.90 rupees higher at 725.00 rupees a share while John Keells Holdings stocks advanced 3.90 rupees to trade at 92.00 rupees a share, also contributing to the ASPI’s gain.
In the spot market the rupee was quoted around 187.25/188.75 to the from Monday’s close of 187.50/188.50 levels, dealers said.
Sri Lanka’s central bank announced following average rates for currencies quoted by commercial banks in Colombo for Telegraphic Transfers (TT).
Central Bank issued the following approximate exchange rates of GULF Currencies based on previous day’s market weighted average rate for the US dollar.
The central bank said that the Average Weighted Prime Lending Rtae (AWPR) during the week ended 15 May 2020, by all commercial banks was 9.31 percent.
And the Lowest Prime Lending Rate (LPR) was 7.45 percent while the Average Weighted Deposit Rate (AWDR) of commercial bank’s for the month of April was 7.77 percent.
In the secondary government securities market, bond yields were further up, dealers said.
Dealers said that there was high liquidity in 2024 maturities.
A bond maturing on 10.08.2021 was quoted at 7.10/20 percent on Tuesday, unchanged from yesterday’s closing.
A 2-year bond maturing on 01.10.2022 was quoted at 7.85/90 percent up from 7.80/88 percent.
A bond maturing on 15.01.2023 was quoted at 8.08/13 percent Tuesday gaining from 8.05/13 percent.
A bond maturing on 15.09.2024 was quoted at 8.65/70 percent on Tuesday, gaining from 8.62/68 percent on Monday.
A bond maturing on 15.10.2027 was quoted at 8.90/9.00 percent, gaining from 8.88/96 percent Monday.