Category: Markets
CSE comes alive with Rs2.8bn turnover but foreigners keep selling
November 28, 2019 (LBO) – The Colombo Stock Exchange (CSE) finished a busy day today with trading activity that has been rarely seen in recent years. The stock market registered trading turnover of Rs2.8bn (US$15mn) with the indices finishing up roughly 1.5% on the day. There was broad based trading activity across many stocks. The […]
Colombo stocks surge on Rajapaksa tax cut bonanza
November 28, 2019 (LBO) – The stock market in Sri Lanka started the day in rally mode with most of the major indices up approximately 1.5%. The sharp rise comes on the back of large tax cuts enacted by new Finance Minister Mahinda Rajapaksa in order to stimulate a sputtering economy. The tax cuts equate […]
Sri Lanka announces tax reliefs; cuts VAT to 8-pct, removes PAYE, WHT & Capital Gains Tax
Nov 27, 2019 (LBO) – Sri Lanka’s new Cabinet of Ministers has given its approval to reduce Value Added Tax (VAT) and various other taxes, Co-Cabinet Spokesperson Minister Bandula Gunawardana said. “Required amendments and gazette notifications are currently being prepared,” Gunawardana told reporters. “This will be a stimulus to all areas of the economy and […]
Central Bank expresses its strong objection to statement released by Fitch Ratings
Nov 21, 2019 (LBO) – Sri Lanka’s Central Bank says that it strongly objects to the statement released by Fitch Ratings today as it depicts the complete opposite of the realised positive market response, followed by the assumption of duties by the President. Releasing a statement, the Central Bank said the domestic foreign exchange market, […]
Sri Lanka election result increases policy uncertainty: Fitch Ratings
Nov 21, 2019 (LBO) – Sri Lanka’s presidential election significantly increases policy uncertainty and could prompt loosening that exacerbates fiscal weaknesses and a rollback of reforms, Fitch Ratings says. However, whether these risks materialise remains to be seen as a clear policy direction may only start to emerge after parliamentary elections. Gotabaya Rajapaksa of the […]
‘s stocks move up, but foreigners sell Rs1.5bn ahead of Presidential election
November 13, 2019 (LBO) – Sri Lanka’s stock market was strong ahead of Sri Lanka’s impending Presidential election to be held on Saturday November 16th. The Colombo Stock Exchange (CSE) major indices were up roughly .5% on relatively heavy turnover of Rs2bn (US$11mn). However, despite what appeared to be positive sentiments, foreigners took the other […]
Attorney General advises Central Bank not to make Forensic Audit reports public
Nov 12, 2019 (LBO) – Sri Lanka’s Attorney General has opined that the findings of the Forensic Audit reports should be treated as having the potential to be evidence in investigations and access should be limited to those who have statutory authority to access them. Given the nature of findings, the Monetary Board sought the […]
SEC files action against Wegapitiya & others for market manipulation in Laugfs Gas
Nov 05, 2019 (LBO) – Sri Lanka’s Securities & Exchange Commission (SEC) today filed an action in the Colombo Fort Magistrate Court against W.K.H. Wegapitiya, U.K. Thilak N. De Silva and Thakshila I. Hulangamuwa. The action is related to the commission of the offence of market manipulation, conspiracy to commit market manipulation and for aiding […]
Sri Lanka FDI down in first half of 2019: Dips in service and infrastructure sectors
Nov 05, 2019 (LBO) – The Central Bank says that Foreign Direct Investment (FDI) including loans to projects approved by the Board of Investment (BOI), decreased by 61.3 percent during the first half of 2019 compared with the same period last year. The island received US 553.2 million dollars in the first six months of […]
Ceylon Chamber advocates 12 focus areas to accelerate economic growth
Oct 30, 2019 (LBO) – The Ceylon Chamber of Commerce has identified twelve (12) areas as priority areas for Sri Lanka’s economic development in the 2020-25 period. The chamber launched the working draft of the Sri Lanka Economic Acceleration Framework (SEAF) 2020-25 on 17 September 2019 with the aim of identifying key areas for the […]
First Capital recommends investors to increase exposure in mid-long tenor bonds
Oct 24, 2019 (LBO) – First Capital Research recommends investors to increase overall fixed income portfolio exposure to 50 percent from 45 percent. The firm also recommends cutting carrying portfolio to 15 percent from 30 percent and to increase trading portfolio to 35 percent from 15 percent. “We recommend cutting short tenor maturities of the […]
Financial Action Task Force delists Sri Lanka from Grey List
Oct 21, 2019 (LBO) – The Financial Action Task Force (FATF), the global policy setter on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), has delisted Sri Lanka from FATF’s Compliance Document which is more commonly identified as “the Grey List”. The decision was taken at the FATF Plenary held during 13-18 October 2019 […]