Sri Lanka stocks open higher, rupee sharply down
ECONOMYNEXT – Sri Lanka’s stocks opened higher Monday with the Colombo All Share Index up 0.85 percent in the first 15 minute of trading, while the rupee was sharply lower, dealers said.
The rupee was quoted as low as 174.00/50 to the US dollar in the spot market, whiich at times is near free float conditions with no apparent intervention, dealers said.
The Colombo All Share Index topped 5,880 points gaining over 50 points, or 0.88 percent, in the first half hour of trading Monday. By 11.00 am stocks were up 2.00 percent.
Hatton National Bank was up 10.70 rupees to reach 219.00 rupees and Commercial Bank was up 1.70 rupees to 112.00.
Index heavy John Keells Holdings was up 3.90 to reach 144.0 rupees.
Meanwhile gilt yields endged higher in the secondary market.
A three-year bond maturing on 15.10.2021 was quoted at 11.00/50 percent, up from 10.85/95 percent Friday, dealers said.
A five-year bond maturing on 15 July 2023 was quoted at 11.50/12.45 percent, up from the previous day’s closing of 11.35/40 percent. (COLOMBO, 29 October 2018)