Sri Lanka stocks gain in early trading, rupee steady

ECONOMYNEXT – Sri Lanka stocks gained 0.34 percent in early trading Wednesday amidst buying interest in John Keells Holdings and Sampath Bank, while the rupee was steady and gilt yields edged down, market participants said.

Colombo’s All Share index gained 22.77 points in early trading to 5,818.91 and the S&P SL20 of more liquid stocks opened 1 percent higher, up 29.22 points to 2,965.12.

John Keells Holdings was trading 5 rupees higher at 134 rupees and Sampath Bank was up 4.90 rupees to 227 rupees.

Sri Lanka Telecom was up 50 cents to 20.50 rupees.

The rupee opened steady and was quoted at around 170.90/171.00 rupees against the US dollar in early spot market trading Wednesday, market participants said.

The rupee ended Tuesday at around 170.90/171.10 rupees against the greenback.

Sri Lanka is looking to slap more import controls to curb pressure on the currency.

Gilt yields moved down in the secondary market.

A three-year bond maturing at 2021 was trading at 11.05/15 percent, down from the previous day’s closing of 11.40/50.

A five-year bond maturing in 2023 was at 11.57/63 percent, down from the previous closing of 11.68/76 percent. (COLOMBO, 17 October 2018)





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