Sri Lanka stocks up 0.24-pct in early trading, rupee weakens
ECONOMYNEXT – Sri Lanka stocks opened higher gaining 0.24 percent in early trading Tuesday while the rupee weakened against the US dollar and gilt yields edged higher, market participants said.
Colombo’s All Share index gained 14.32 points in early trading to 5,788.68, and the S&P SL20 of more liquid stocks was 0.31 percent higher, up 8.93 points to 2,918.01.
Commercial Bank was up 1.90 rupees to 112 rupees and Seylan Bank was trading 3 rupees higher at 68 rupees.
John Keells Holdings was trading 10 cents higher at 126.10 rupees and Hemas Holdings was up 90 cents to 86 rupees.
The rupee weakened in early spot market trading to about 171.00/20 rupees against the US dollar, market participants said.
The currency closed Monday at about 170.60//80 rupees against the greenback after appreciating sharply last Friday, ending at around 169.40/60 against the US dollar after trading at an intraday low of 171.43 rupees.
The rupee’s sharp gain on Friday was due to some intervention and market participants selling US dollars.
Gilt yields edged higher in early secondary market trading.
A three-year bond maturing in 2021 was trading at 11.35/45 percent in two-way quotes, narrowing from the previous day’s closing of 11.30/45 percent.
A five-year bond maturing in 2023 was trading at 11.68/75 percent, up from 11.65/69 percent the previous day. (COLOMBO, 16 October 2018)