The Colombo Stock Exchange closed higher on Wednesday with the All Share Price Index up 0.69 percent, or 155.47 points, at 22,739, EconomyNext reported citing CSE data. The S&P SL20 was up 0.51 percent, or 31.89 points, at 6,245.

John Keells Holdings (up 0.99 percent at Rs. 20.50), Hatton National Bank (up 0.98 percent at Rs. 414.25), Melstacorp (up 1.21 percent at Rs. 187.75) and Hayleys (up 1.30 percent at Rs. 233.50) were the top positive contributors to the ASPI. DFCC Bank (down 0.70 percent at Rs. 141.00), Lion Brewery Ceylon (down 1.46 percent at Rs. 1,809.50) and Citizens Development Business Finance (down 1.41 percent at Rs. 42.00) led negative contributors.

Market turnover reached Rs. 4.13 billion, with the Food, Beverage & Tobacco sector leading with Rs. 676.5 million. Crossings were recorded in Commercial Bank (500,000 shares), Hatton National Bank (250,000 non-voting shares), CIC Holdings (1 million non-voting shares), Hatton Plantations (10,245,384 shares) and Amana Takaful (2.5 million shares). Commercial Development Company announced the resignation of B. M. K. K. Basnayake as CEO and the appointment of T. K. Wakista as acting CEO; its share closed up 0.86 percent at Rs. 322.50.

In a separate Public Debt Management Office auction, all Rs. 100 billion of Treasury bills offered were sold at flat yields. The three-month bill held steady at 8.20 percent (Rs. 45 billion offered, Rs. 47.3 billion sold), the six-month yield was down one basis point at 8.24 percent (Rs. 25 billion offered, Rs. 27 billion sold), and the 12-month yield was unchanged at 8.52 percent (Rs. 30 billion offered, Rs. 25.58 billion sold). All three bills remained available on tap.

The rupee, however, weakened sharply on the day, closing at 321.00/30 to the US dollar in the spot market from 319.90/320.40 a day earlier — a move of close to one rupee in a single session. Bond yields in the secondary market were broadly steady, dealers said. The two-year benchmark maturing 1 July 2028 closed at 9.70/75 percent (down from 9.75/85 percent) and the bond maturing 1 July 2030 was quoted at 10.18/23 percent (down from 10.20/25 percent). Longer-dated 2034 and 2035 maturities edged slightly higher.

The Wednesday equity gain reverses Tuesday’s 0.49 percent retreat which was driven by Middle East panic selling, with sentiment recovering on hopes of a US-Iran one-page MoU to end the war and the resulting pause of Operation Freedom.

Sources: EconomyNext; EconomyNext; EconomyNext.