ECONOMYNEXT – Sri Lanka stocks opened 0.08 percent lower Thursday on selling in John Keells Holdings and banking stocks, and the rupee weakened marginally against the US dollar as gilt yields continued to rise, market participants said.
Colombo’s All Share index was down 0.08 percent in early trading, 4.45 points lower at 5,883.07, and the S&P SL20 of more liquid stocks was 0.16 percent lower, down 4.70 points to 3,014.88.
John Keells Holdings opened 1 rupee lower at 132 rupees and BRAC Lanka Finance was down 8.20 rupees to 40 rupees.
Sampath Bank opened 80 cents lower at 239.20 rupees and DFCC Bank was down 1 rupee at 90 rupees.
The Sri Lanka rupee opened marginally lower Thursday at 169.00/40 rupees in wide quotes against the US dollar.
The rupee closed Wednesday at 168.90/169.20 rupees against the greenback amid intervention, but market interest rates moved up providing support to the rupee soft-peg with the US dollar.
Gilt yields continued to rise opening higher in the secondary market for government bonds.
A five-year bond maturing in 2023 edged higher Thursday to 10.85/93 percent, up from the previous close of 10.70/80 percent.
A six-year bond maturing in 2024 opened at 10.85/11.00 percent, up from the previous close of 10.80/90 percent. (COLOMBO, 27 September 2018)