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Sri Lanka’s stocks close flat, rupee firmer

ECONOMYNEXT – Sri Lanka stocks down 0.03 percent at close on Thursday dragged by Asiri Hospital Holdings while the rupee closed stronger at 185.45/55, dealers and brokers said.

Commercial Banks in Colombo quoted an average buying rate of 183.2700 rupees for the US dollar on Thursday morning, higher from 183.3700 buying rate on Wednesday.

While the selling rate quoted today morning was 188.0700 rupees from Wednesday’s selling rate of 188.2700 rupees against the US dollar.

Sri Lanka’s equity and secondary markets closed early today with little activity amid the islandwide curfew imposed ahead Friday’s Poya religious holiday.

On Wednesday, the rupee closed at 185.75/85 to the US dollar in the spot market.

In the equities market, Colombo’s All Share Price Index (ASPI) fell 1.40 points to close at 4,781.03.

However, S&P SL20 index of more liquid stocks climbed 0.35 percent or 6.76 points to 1,956.10.

Market turnover amounted to 605 million rupees with 54 stocks gaining and 47 making losses.

The total foreign net selling in the market until June 4, 2020, amounted to 7.08 billion

Hemas Holdings stocks gained 2.10 rupees to trade at 62.00 rupees a share at the close after Fitch ratings upgraded the domestic rating of the company to ‘AAA(lka)’ from ‘AA-(lka)’ in the wake of a re-caliberation of the local rating scale after the downgrade of the sovereign rating, low borrowings, and less volatile business segments.

The rating agency said its healthcare segment would be protected from import controls as it had been listed as essential goods.

Hemas Holdings’ Sri Lanka rating lifted to ‘AAA(lka)’ by Fitch

The main contributor to ASPI’s fall, Asiri Hospital stock traded at 18.00 rupees a share, down 1.00 rupees from yesterday’s close.

Dialog Axiata stocks fell 10 cents to trade at 10.00 rupees a share while Trans Asia Hotels stocks down 3.40 rupees to 55.60 rupees a share, also contributing to ASPI’s fall.

In the secondary government securities market, bond yields eased in moderate trade, dealers said.

A bond maturing on 10.08.2021 closed at 6.95/05 percent on Thursday, steady from 6.95/10 percent at Wednesday’s close.

A new 2-year bond maturing on 15.12.2022 closed at 7.67/70 percent, down from 7.75/80 percent.

A bond maturing on 15.01.2023 closed at 7.70/75 percent, falling from 7.80/85 percent.

A bond maturing on 15.09.2024 closed at 8.35/37 percent, easing from 8.38/42 percent at the previous day’s end.

A bond maturing on 15.10.2027 closed at 8.85/87 percent, down from 8.85/90 percent at Wednesday’s close.

(Colombo/June04/2020)

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