Category: Economy and Markets
‘t allow artificial devaluation, high interest rates
Sep 04, 2015 (LBO) – Sri Lanka’s newly appointed Finance Minister Ravi Karunanayake says an artificial devaluation of the rupee will not be allowed, and he will push for low interest rates in the future.“There are realistic situations in the world we have got to face today, but that does not mean that we will […]
Sri Lanka stocks close down 0.4-pct: Low investor activity
Sep 04, 2015 (LBO) – Sri Lankan stocks closed down 0.42 percent on Friday with low investor activity and most of the banking sector stocks making losses, brokers said. The Colombo benchmark All Share Price Index closed down 30.39 points at 7,215.11, lower 0.42 percent. S&P SL20 closed 22.63 points lower at 3,956.21 down 0.57 […]
Sri Lanka HNB Senior and Subordinated Debt gets AA-, A+ ratings :Fitch
Sep 04, 2015 (LBO) – Fitch Ratings has assigned Hatton National Bank proposed senior unsecured and subordinated debentures a expected National Long-Term Ratings of ‘AA-(lka)(EXP)’ and ‘A+(lka)(EXP) respectively. Full Statement follows: Fitch Ratings has assigned Hatton National Bank PLC’s (HNB; AA-(lka)/Stable) proposed senior unsecured and subordinated debentures expected National Long-Term Ratings of ‘AA-(lka)(EXP)’ and ‘A+(lka)(EXP) […]
Sri Lanka’s Bank of Ceylon to sell Rs8 bn debt, AA rating
Sep 04, 2015 (LBO) – Sri Lanka’s Bank of Ceylon, state run bank is to sell up to 8.0 billion rupees of 5 and 8-year subordinated debt which have given final National Long-Term Rating of ‘AA(lka)’, Fitch Ratings said. The full statement given below :- Fitch Ratings has today assigned Bank of Ceylon’s (BOC; AA+(lka)/Stable) […]
Update 2-Sri Lanka Central Bank may intervene less in forex: source
Sept 04, 2015 (LBO) – The Sri Lankan central bank may intervene less in the forex market by not quoting a specific level, a market source told Lanka Business Online, as the rupee opened lower against the dollar on Friday.Early on Friday, USD/LKR saw a transaction done at 136.75, after wide quotes and no trades. […]
Fitch Maintains Ceylon Income Fund on Rating Watch Negative
Sep 03, 2015 (LBO) -Fitch Ratings said it has maintained the ‘(A(lka))’ National Fund Credit Quality Rating of the Ceylon Income Fund on Rating Watch Negative(RWN) due to an increase in proportion of assets rated by another rating agency after redemptions. “The maintenance of the RWN is driven by an increase in the proportion of […]
Sri Lanka stocks close higher 0.07-pct, net foreign outflow
Sep 03, 2015 (LBO) – Sri Lankan stocks closed higher 0.07 percent on Thursday after three days of losses with index heavy stocks showing gains, brokers said. The Colombo benchmark All Share Price Index closed higher 5.11 points at 7,245.50 higher 0.07 percent. S&P SL20 closed 1.06 points higher at 3,978.84 down 0.03 percent. “We […]
Eden Hotel Lanka to raise Rs1.05bn through rights issue
Sep 03, 2015 (LBO) – Eden Hotel Lanka, a leisure sector player is to raise 1.05 billion rupees by way of a rights issue, the company said in a stock exchange filing. Subject to the necessary approvals, the company is to issue 52.8 million ordinary shares at 20 rupees each in the ratio of one […]
Sri Lanka to receive USD1.1 bn under RBI swap arrangement: Central Bank Governor
Sept 03, 2015 (LBO) – Sri Lanka will receive the balance 1.1 billion dollars from the Reserve Bank of India to boost foreign reserves under a 1.5 billion dollar swap arrangement, the Central Bank Governor Arjuna Mahendran confirmed to Lanka Business Online. On April 30th, Sri Lanka obtained 400 million dollars under this arrangement, which […]
Sri Lanka gearing up for period of continuous growth: Softlogic Stockbrokers
Sep 03, 2015 (LBO) – Sri Lanka is heading into a decisive phase and we expect continuous growth in the island for the next few years through consistent government policy, a senior stockbroker said.“I think this is a critical phase for the country and we are looking at a new horizon,” Dihan Dedigama, Chief Executive […]
Sri Lanka govt must be consistent, speak with one voice: Pathfinder Foundation
Sep 03, 2015 (LBO) – Sri Lankan think tank Pathfinder Foundation urged the new national unity government to speak with one voice on necessary, urgent economic reforms and “operate in a well-coordinated and consistent manner.” “The new government, which, has committed to operate in a consensual spirit (sammuthi vaadi), needs to speak with one voice […]
Asian stocks up as China takes long week-end break
Sep 03, 2015 (LBO) – Asian markets opened higher on Thursday, following a Wall Street rally on Wednesday and stronger commodity prices, foreign media reports said. Japan’s benchmark Nikkei index was up 1.8 percent to 18,412.2 in early trade. While, In South Korea, the benchmark Kospi index was higher by 0.8 percent at 1,929.6 after […]