Category: Markets
First Capital downgrades exchange rate target to 161 rupees for end 2018
July 11, 2018 (LBO) – First Capital Research said they downgraded their exchange rate target from 159 rupees to 161 rupees per dollar for end 2018 since a stronger dollar is more likely in the coming months. With four fed rate hikes on the cards over next 12 months, First Capital Research said they are […]
Sri Lanka gross official reserves improve to USD 9.2 bn by end June
July 06, 2018 (LBO) – Sri Lanka’s gross official reserve position is estimated to have improved to around 9.2 billion US dollars by end June 2018, compared to 8.0 billion dollars at end 2017. The reserves include international sovereign bond issued in April, the receipt of the fifth tranche from the IMF, receipts from the […]
Central Bank maintains policy interest rates at current levels
July 06, 2018 (LBO) – Monetary Board of the Central Bank, at its meeting held on 05 July 2018, has decided to maintain policy interest rates at their current levels.Accordingly, the Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR) remain at 7.25 per cent and 8.50 per cent, respectively. The Board’s decision is […]
Perpetual Treasuries suspension of business extended by 6 months
July 05, 2018 (LBO) – Monetary Board of the Central Bank acting in terms of the regulations made under the Registered Stock and Securities Ordinance and the Local Treasury Bills Ordinance, has decided to extend the suspension of Perpetual Treasuries Limited (PTL). Accordingly, PTL will be further suspended from carrying on the business and activities of […]
Stocks continue slide to new 2018 lows as turnover dries up
July 4, 2018 (LBO) – The Colombo Stock Exchange continued its 2018 slide as stocks finished at new lows for the year. Both major stock market indices continued their drip lower finishing down just over .6%. Turnover was very weak at Rs261mn (US$1.65mn), with trades of market bellwether JKH accounting for almost 40% of total […]
Colombo stocks sink to new lows with S&P SL 20 index down 10% for 2018
July 3, 2018 (LBO) – Colombo stocks continued their decline hitting new lows for 2018. Key indices were both lower with the All Share Price Index (ASPI) down .77% and the S&P SL 20 down 1.34% on the session. Turnover was a weak Rs566mn (US$3.6mn). The trend of foreign selling continued as net foreign sales […]
Selling accelerates as Colombo stocks hit new lows for 2018
July 2, 2018 (LBO) – The markets started the month of July on the same course they have been for the year. The days selloff was slow and steady through the session with both major indices dropping over 1%. The all share price index (ASPI) finished down 1.07%, and the S&P SL 20 was off […]
Colombo stocks drip lower through the week, foreign selling continues
June 29, 2018 (LBO) – The Colombo Stock Exchange (CSE) continued its slow bleed as stocks closed the week down from the previous period. Both major indices were down on the week. The All Share Price Index (ASPI) was down .5%, and the S&P SL 20 was off 1.1%. The trend of marginal foreign selling continued […]
CB Governor defends Deputy Governor from unfounded allegations
June 28, 2018 (LBO) – Central Bank Governor Indrajit Coomaraswamy on Thursday issued a special statement defending his fellow Central Banker Nandalal Weerasinghe. The statement is a reply to former Finance Minister Ravi Karunananyake who has repeated his allegations in the recent days against Senior Deputy Governor of the Central Bank, Dr. Nandalal Weerasinghe. “As […]
Sri Lanka’s outlook remains stable but is conditional on reforms: World Bank
June 28, 2018 (LBO) – World Bank says a challenging domestic political environment has already taken a toll, slowing down some reforms and complicating the stable medium-term outlook and an impending election cycle which will only elevate this risk. World Bank, releasing its June 2018 edition of the Sri Lanka Development Update said the reforms are […]
Anilana (ALHP) investor to make mandatory offer at 18% premium
June 28, 2018 (LBO) – The Securities and Exchange Commission of Sri Lanka (SEC) has approved investment into Anilana Hotels and Properties (ALHP) by Singapore based SOMAP International. The investment by way of private placement will result in an infusion of Rs667mn (US$4.2mn) into the company at Rs1.3/share. After the private placement SOMAP will own […]
More pain as afternoon selloff takes Sri Lanka stocks to lowest close in 2018
June 26, 2018 (LBO) – The Colombo Stock Exchange sold off in the afternoon after being up for the first half of the session. The selloff took the market to the lowest close year to date, ahead of a poya (full moon) holiday tomorrow. The broader indices were both weak, with the ASPI closing down […]