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Sri Lanka stocks slip at open, rupee steady

ECONOMYNEXT – Sri Lanka stocks dropped 0.9 percent at open extending Friday’s losses while the rupee was steady against the US dollar in the spot market, brokers and dealers said.

Sri Lanka rupee was quoted at 186.05/20 to the US dollar at mid-morning trade.

On Friday the rupee closed at 186.20/30 to the US dollar in the spot market.

Sri Lanka’s stocks fell last 0.83 percent or 40.40 points Friday to 4,846.76 on sentiments weighed down on re-caliberation of domestic ratings by Fitch after an earlier sovereign downgrade and John Keells Holdings.

Colombo’s All Share Price Index (ASPI) slipped 11.69 points to 4,835.07.

The S&P SL20 index of more liquid stocks down 1.09 percent or 21.96 points to 1,994.12.

Market turnover amounted to 281.4 million rupees with 11 stocks climbing and 52 making losses.

John Keells Holdings contributed heavily to ASPI’s fall by 3.60, currently trading at 106.50 rupees a share.

LOLC Holdings went down by 4.30 rupees to trade at 110.30 rupees a share while Commercial Bank of Ceylon shares fell 2.00 rupees to 61.00 rupees a share.

In the secondary government securities market, bond yields were steady on dull trade at the moment, dealers said.

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A bond maturing on 10.08.2021 was quoted at 6.95/10 percent on Monday, unchanged from 6.95/05 percent at Friday’s close.

A 2-year bond maturing on 01.10.2022 was quoted at 7.35/40 percent,
stable from 7.36/42 percent.

A bond maturing on 15.01.2023 was quoted at 7.75/80 percent, easing from 7.73/75 percent at Friday’s close.

A bond maturing on 15.09.2024 was quoted at 8.38/42 percent, marginally up from 8.37/42 percent on Friday.

A bond maturing on 15.10.2027 was quoted at 8.87/90 percent on Monday, up from 8.82/90 percent.

(SB-Colombo/June01/2020)

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