Sri Lankan stocks, bond yields rise

ECONOMYNEXT – Sri Lankan stocks closed higher Friday with foreign buying in Vallibel Finance and selling in John Keells Holdings while bond yields rose after the government announced borrowing requirements for the next three months.

The benchmark All Share Price Index closed at 5,978.30, up 17.96 points or 0.3 percent while the more liquid S&P SL20 index rose 8.77 points or 0.3 percent to end at 3,046.23.

Turnover was a low 461 million rupees with no crossings or negotiated block deals, brokers said.

Tess Agro was the day’s top gainer, rising 25 percent to 50 cents.

Asia Securities said foreign investors became net sellers with net foreign selling of 23 million rupees worth of shares.

Estimated net foreign buying was highest in Vallibel Finance with continued net foreign selling in JKH.

In the bond market, yields shifted upward as market participants reacted to the announcement of the bond auction calendar to raise 50 billion rupees, 70 billion rupees and 40 billion rupees in February, March and April, First Capital Holdings said.

The rupee ended weaker against the US dollar at 181.55/75.
(Colombo/January 25/2019)

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