Sri Lanka stocks, rupee climb at open

ECONOMYNEXT- Sri Lanka’s rupee opened stronger at 181.50/70 to the US dollar in the spot market on Tuesday, while gilt yields were stable and stocks opened 0.18 percent higher, brokers and dealers said.

The rupee closed at 181.65/75 to the greenback on Monday.

In equities, Colombo’s All Share Price Index advanced 10.97 points to 6,166.97 and the S&P SL20 index of more liquid stocks rose 0.57 percent or 16.85 points to 2,975.12, in the first half-hour of trade.

Market turnover was 32 million rupees with 7 stocks gaining and 9 falling.

LOLC Holdings gained 5.00 rupees to 184.00 rupees a share, continuing its climb since Thursday where the stock rose from 129.00 rupees a share following the firm’s announcement to divest their Cambodian microfinance unit, Prasac on December 12.

Dialog Axiata was up 50 cents to 12.80 rupees a share and Sri Lanka Telecom gained 80 cents to 32.00 rupees a share, contributing to ASPI’s gain.

In the secondary bond market, yields remained stable in moderate trading with only bond maturing on 15.09.2024 falling marginally, dealers said.

A bond maturing on 15.12.2021 was quoted flat at 8.65/80 percent on Tuesday.

A bond maturing on 15.07.2023 was quoted at 9.30/35 percent climbing from 9.25/35 on Monday’s closing.

A bond maturing on 15.09.2024 was quoted at 9.60/63 percent, sliding from 9.62/69 percent on Monday.

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A bond maturing on 15.10.2027 was quoted at 9.80/90 percent.

An auctioned 10-year bond maturing on 15.05.2030 was quoted at 10.00/10.20 percent, stable from its last closing.

A bond maturing on 15.09.2034 was quoted at 10.10/25 percent falling from 10.15/25 percent on Monday.

(Colombo/Dec31/2019)

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