Category: Markets
Constitutional Crisis – close to $ 100mn flees stock/bond markets last week
November 4, 2018 (LBO) – In the first full week of Sri Lanka’s constitutional crisis, foreign investors in Sri Lanka’s capital markets ran for the exits with nearly US0mn leaving the stock/bond markets during the past week.For the year 2018, the total net foreign outflow from Sri Lanka’s stock and bond markets totals Rs117bn.This is […]
John Keells (JKH) stock flying – approaching 150/share as foreigners selling
October 30, 2018 (LBO) – Shares in Colombo Stock Exchange (CSE) bellwether John Keells Holdings (JKH) are soaring with the stock approaching Rs150/share after recently hitting multi-year lows. The stock has had a strong near 20% bounce off the lows.Volume is light so far today even as the stock is up 4%.Yesterday there was heavy […]
Parliament passes resolution to raise Rs.310Bn under Active Liability Mgmt
Oct 26, 2018 (LBO) – Sri Lanka’s Parliament on Friday passed a resolution to raise up to 310 billion rupees by way of loans, in or outside Sri Lanka under the Active Liability Management Act. The Active Liability Management Act provides the legal framework for the government to raise loans for management of public debt […]
John Keells Holdings (JKH) moving higher, up over 10% from multiyear lows
October 26, 2018 (LBO) – Shares in Colombo Stock Exchange (CSE) bellwether John Keells Holdings (JKH) have been in rally mode since touching multiyear lows of Rs126/share a few weeks ago. The stock closed the day up 3.4% to Rs140/share on volume of approximately Rs150mn. Shares in JKH were active yesterday as well with close […]
Finance Ministry justifies divestiture of Hyatt and Hilton Hotels
Oct 22, 2018 (LBO) – Sri Lanka’s Finance Ministry on Monday justifying the divestiture of Hyatt and Hilton Hotels said the decision was taken by the Cabinet and proposed in several budget speeches. The ministry further stated that independent financial advisers Lazard and MTI through their global offices have already begun to reach out to […]
Foreign outflows from stocks/bonds Rs7.6bn/week, $ 1bn loan from China to prop reserves
October 20, 2018 (LBO) – Net foreign outflows from Sri Lanka’s stock/bond markets continued at a brisk pace this past week.The government securities market saw outflows of Rs5.3bn, while the stock market saw outflows of Rs2.3bn for the week. Stock market outflows were exacerbated by a Rs1.4bn foreign sale of Singer Sri Lanka (SINS).Year to […]
Sri Lanka secures USD1Bn Foreign Currency Term Financing Facility
Oct 17, 2018 (LBO) – Sri Lanka has secured 1,000 million US dollars from the China Development Bank (CDB) under the Foreign Currency Term Financing Facility (FCTFF) with a maturity period of eight years.The Central Bank said in a statement that interest cost is highly competitive and linked to 6 Month USD LIBOR with a grace […]
Sri Lanka plans new import controls for non essential goods
Oct 17, 2018 (LBO) – Sri Lanka’s President Maithripala Sirisena has instructed the Finance Ministry to study the current imports and submit a report on goods of which the imports can be temporarily restricted. President has made these remarks at the 20th session of the National Economic Council, which was held at the Presidential Secretariat […]
Controversial investor Nimal Perera discloses stock market positions in DailyFT report
October 16, 2018 (LBO) – In a high profile report in the DailyFT, controversial Colombo Stock Exchange (CSE) investor Nimal Perera disclosed his stock positions amounting to approximately Rs2bn. The report claimed that most of the positions were purchased recently. The positions disclosed in the report under the name of his firm NP Capital are […]
JKH shares trade Rs1.3bn for the day, most transactions at 126-127/share
October 16, 2018 (LBO) – Shares of recently sinking market bellwether John Keells Holdings (JKH) have transacted close to Rs1.3bn (US$7.5mn) worth of shares today, with transactions done in several blocks through the day. Most of the shares were done at a price of Rs126-127, multiyear lows for the stock. Late in the trading day […]
Foreign outflow from the CSE $ 10mn on the day, $ 50mn for 2018
October 15, 2018 (LBO) – Foreign outflow out of the Sri Lankan stock market topped Rs1.7bn (US$10mn) on the day as the former owner of Singer Sri Lanka (SINS) disposed of their last 9.47% stake in the company. The buyer was highly leveraged Hayleys (HAYL) who bought control of the CSE listed Sri Lankan retailer […]
‘s stock/bond markets cross $ 500mn YTD
October 12, 2018 (LBO) – Net foreign selling of Sri Lanka’s stocks and bonds has crossed US$500 million dollars for 2018. The outflows, which have been a significant factor in the devaluation of Sri Lanka’s currency and declining foreign reserves, show no signs of slowing down. Year to date in 2018, net foreign selling of […]