Bond yields slightly up in dull market

By Hiran H.Senewiratne

The Sri Lanka rupee opened weaker at 180.40/45 to the US $ dollar yesterday, while bond yields were slightly up in a dull market and the Colombo Stock Exchange (CSE) opened 0.10 percent lower, brokers and dealers said.

The rupee closed at 180.35/45 against the greenback in the spot market on the previous day. However, the stock market yesterday also witnesses selling pressure in banking sector counters due to Central Bank intervention in banking and financial sector entities, stock market analysts said.    

 The rupee ended 0.1 percent  firmer at 180.30/50 per dollar. It closed at 180.40/60 on Monday. The currency is up 1.3 percent  this year.

Amid those developments both indices pointed downwards, ie, the All Share Price Index was down by 1.63 points and S and P SL20 down by 9.77 points. The day's turnover stood at Rs 427.6 million sans a single crossing.

In the retail market companies that mainly contributed to the day's turnover were Browns Investments Rs 78.5 million (16 million shares traded), Asian Hotels Rs 52.9 million (1.3 million shares traded), JKH Rs 40.7 million (264,000 shares traded), Dialog Rs 39 million (3.7 million shares traded) and Union Bank Rs 34.7 million (2.6 million shares traded). During the day 35.7 million share volume changed hands in 4745 transactions.     

Browns Investment fell 20 cents to Rs 4.90  a share, John Keells was down 50 cents at Rs 153.30  a share and LOLC Holdings fell Rs 1.00  to Rs  127.00 a share, HNB fell by Rs 4.10 or 2.6 percent at Rs 153 contributing to the fall of the ASPI.Foreign investors sold government securities worth Rs  500 million in the week ended Sept. 4, data showed, extending the year to date net foreign outflow to Rs 53.7 billion through Sept. 4, Central Bank data showed. The weekly outflow last week, however, was far less than the average weekly outflow of Rs 12.85 billion  in the previous two weeks. Meanwhile, the benchmark stock index rose 0.1 percent  to 5,822.47. So far this year, the stock index has dropped about 3.8 percent.  Equity market turnover was Rs 716.3 million  on Tuesday, more than this year’s daily average of about Rs  649.5 million so far. Last year’s daily average was Rs 834 million.  Foreign investors sold a net Rs 46.4 million  worth of shares on Tuesday, extending the year-to-date net foreign outflow to Rs 1.77 billion  worth of equities, according to index data.

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