ECONOMYNEXT – Sri Lanka stocks were down 0.65 percent in the first two hours of trading as investors took profits after eight days of gains while the rupee opened flat against the US dollar, dealers and brokers said.
The rupee opened at 175.75/85 rupees against the US dollar in the spot market on Monday against 175.80/85 rupees Friday.
In equities, Colombo’s All Share Price Index was down 58 points at 5,681 points at 10.55 am stock exchange data showed. The S&P SL20 of more liquid stocks were 0.93 percent or 25 points.
The market turnover was 92 million rupees with 21 stocks gaining and 69 declining.
Dialog Axiata PLC opened 20 cents down at 10.70 rupees a share, Richard Pieris and Company PLC was 60 cents to 10.80 rupees a share and Melstacorp PLC was a 1.00 rupee down at 45.00 rupees a share, contributing to ASPI decline.
"The market fell due to profit taking as a result of a cycle end", a broker said.
Political uncertainty was also weighing in with no major party yet to announce a candidate. On Sunday Sri Lanka’s Catholic Cardinal unleashed a broadside against the administration.
In the bond market, yields eased marginally amid moderate activity, dealers said.
Dealers said 2024 maturities were the most liquid.
A bond maturing on 15.10.2021 was quoted 8.80/95 percent on Thursday, down from 8.85/92 percent on Friday close.
A bond maturing on 15.03.2023 was quoted at 9.45/55 percent, easing from 9.48/55 percent.
A bond maturing on 05.06.2024 was quoted at 9.79/80 percent, falling from 9.80/85 percent.
A bond maturing on 01.08.2026 was quoted at 9.92/96 percent, steady from 9.92/97 percent.
A bond maturing on 15.01.2027 was quoted flat at 9.98/10.02 percent.
A 10-year bond maturing on 01.05.2029 was quoted at 10.00/10.10 percent, declining from 10.05/10 percent. (Colombo, 22 July 2019)