Secondary market bond yields dip for first time in three days

Friday, 15 November 2013 00:21 - - {{hitsCtrl.values.hits}}

By Wealth Trust Securities Secondary market bond prices which move inversely to yields rallied yesterday for the first time in three days as buying interest returned to markets. Once again activity was witnessed on the maturities of 01.01.17 and the two 2018s (i.e. 01.04.208 and 15.08.2018) as it was seen dipping to intraday lows of 10.87%, 11.14% and 11.24% respectively against their previous day’s closing levels of 10.90/91, 11.18/22 and 11.28/30 before closing the day at 10.85/88, 11.14/16 and 11.23/26. In addition, a limited amount of activity was witnessed on the 15.07.2015 maturity within the range of 10.20% to 10.25%. Meanwhile continued demand for secondary market bills saw May 2014 bills change hands at levels of 8.95% to 9.05% and the 364-day bill at levels of 9.77%. Overnight call money and repo rates remained steady to average 7.75% and 7.02% respectively as surplus liquidity increased to Rs. 19.56 billion yesterday. The Open Market Operations (OMO) department of the Central Bank was seen mopping up an amount of Rs. 14.08 billion on a seven day basis once again at a WAvg of 7.47% while a further amount of Rs. 5.48 billion was deposited at its window rate of 6.50%. Rupee on spot contracts remained steady In Forex markets, activity on spot contracts dried up yesterday as it was seen closing the day unchanged at Rs 131.10/15 as demand for contracts value cash, tom and spot next saw it change hands above the spot range within levels of Rs.131.08/10, 131.08/13 and Rs.131.20/23 respectively. The total USD/LKR traded volume for the previous day (13-11-13) stood at US $ 43.25 million. Some of the forward dollar rates that prevailed in the market were 1 Month - 132.08; 3 Months -133.68 and 6 Months -135.90.

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