Sri Lanka stocks open flat, rupee weakens
ECONOMYNEXT – Sri Lanka stocks opened 0.02 percent higher Tuesday amidst buying interest in John Keells Holdings and NDB Bank, while the rupee weakened against the US dollar in early spot market trading and gilt yields edged higher, market participants said.
Colombo’s All Share index was up 1.15 points to 5,767.15 and the S&P SL20 of more liquid stocks gained 0.44 percent, up 12.86 points to 2,933.53.
John Keells Holdings was trading 20 cents higher at 131 rupees and NDB Bank was up 70 cents to 99.70 rupees.
Brown and Company was up 3 rupees to 52.40 and Browns Investment gained 10 cents to 1.90 rupees.
The rupee opened to a new low at around 172.85/90 rupees against the US dollar in early spot market trading.
Import demand and exporters not converting earnings were contributing to currency pressure, market participants said.
The rupee closed Monday at around 172.30/60 rupees against the greenback.
Gilt yields edged higher in the secondary market on low volumes.
A three-year bond maturing in 2021 was trading at 10.73/83 percent, up from the previous day’s closing of 10.70/80 percent.
A five-year bond maturing in 2023 was quoted at 11.23/30 percent, up from the previous day’s 11.20/28 percent. (COLOMBO, 23 October 2018)