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Sri Lanka stocks open flat, rupee marginally weaker

ECONOMYNEXT – Sri Lanka stocks opened flat Wednesday on buying interest in Dialog Finance, while short-term gilt yields edged higher on thin volumes and the rupee was quoted marginally weaker, market participants said.

The Sri Lanka rupee opened weaker on Wednesday, with wide quotes offered in early spot market trading at 168.95/169.20 rupees against the US dollar.

Colombo’s benchmark All Share gained 0.17 points to 5,833.75, and the S&P SL20 of more liquid stocks opened 0.04 percent higher, up 1.32 points to 2,980.61.

Dialog Finance gained 6.40 rupees to 48 rupees, Sampath Bank opened 1 rupee higher at 238 rupees and Access Engineering was up 20 cents to 13.80 rupees.

Distilleries opened 10 cents lower at 16.20 rupees and Expolanka was down 10 cents to 3.90 rupees.

John Keells Holdings was unchanged at 128.10 rupees.

The rupee closed Tuesday at 168.85/169.05 rupees against the greenback amid intervensions to contain currency pressure.

Gilt yields edged higher in the secondary market for government bonds with longer-tenures inactive in early trading, dealers said.

A three-year bond maturing in 2021 opened to active trading at 10.48/55 percent in two-way quotes, up from 10.43/52 percent the previous closing.

A five-year bond maturing in 2023 was quoted at 10.60/75 percent, up from the previous closing of 10.65/70 percent, but trades had dried up.





A ten-year bond maturing in 2028 was quoted at 10.80/11.10 percent, from the previous closing of 10.75/11.00 percent, but was illiquid due to thin volumes. (COLOMBO, 26 September 2018)



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