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Sri Lanka stocks, rupee open stronger

ECONOMYNEXT- Sri Lanka’s rupee opened stronger at 180.20/40 on Wednesday as bond yields remained stable from Friday and stocks opened 0.36 percent higher in the first hour of trade, brokers and dealers said.

The rupee closed at 180.45/50 to the greenback on Friday, while Monday and Tuesday were market holidays.

In equities, Colombo’s All Share Price Index (ASPI) opened 21.50 points higher at 5,976.12.

The S&P SL20 of more liquid stocks opened 0.78 percent or 23.09 points higher at 2,975.08.

Index-heavy John Keells Holdings opened 3.00 rupees higher at 157.00 rupees a share, contributing most to the ASPI’s gain.

JKH said its hotels are expecting same occupancy as last year albeit at lower room rates, after the Easter Sunday terror attacks and the resulting low occupancy lowered group profits over the past two quarters.

Distilleries Company of Sri Lanka opened 40 cents higher at 17.50 rupees per share whereas Sampath Bank was 2.10 rupees up at 169.00 rupees a share.

In the secondary bond market, yields were stable in dull trade, dealers said.

A bond maturing on 15.12.2021 was quoted at 8.68/78 on Wednesday, up from 8.65/75 at Friday’s close.

A bond maturing on 15.07.2023 was quoted flat at 9.65/75 percent.

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A bond maturing on 15.09.2024 was quoted at 10.00/10.10 percent, marginally down from 10.03/10.07 percent.

A bond maturing on 15.10.2027 was quoted at 10.27/33 percent, steady from 10.27/32 percent.

A 15-year bond maturing on 15.09.2034 was quoted flat at 10.65/75 percent. (Colombo/Nov13/2019)

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