Category: Economy and Markets
PM says land identified for industry needs for next decade
Jan 06, 2017 (LBO) – Sri Lankan government has already identified lands for the industry needs in the country for the coming 10 to 15 years, Prime Minister Ranil Wickremesinghe said. Addressing a gathering at the RIGID Tyre Plant event Wickremesinghe said the government is ready to formulate new laws for investors while encouraging them […]
Sri Lankan shares rise on bargain hunting, snap 5-day losing streak
Jan 06, 2017 (Reuters) – Sri Lankan shares edged higher on Friday, ending a five-day losing streak and recovering from a nine-month low hit in the prior session as investors picked up battered down shares. Foreign investors turned net buyers on Friday after offloading shares for five straight sessions. The bourse hit a nine-month low […]
Sri Lankan rupee falls on dollar demand from foreign banks, importers
Jan 06, 2017 (Reuters) – The Sri Lankan rupee traded weaker on Friday due to dollar buying by foreign banks and importers, but the central bank’s moral suasion continued to prevent further decline, days after the monetary authority signalled a change in its intervention policy. Rupee forwards were active, with one-month forwards trading at 151.20/40 […]
PTL Watch: Sri Lanka bond yields mixed on low volumes
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CCC seeks business community support for CBSL independence
Jan 06, 2017 (LBO) – Sri Lanka’s leading business chamber has called on the business community to support and embrace the Central Bank’s Roadmap 2017 which announced a shift in monetary policy making towards a flexible inflation-targeting framework away from the current money supply targeting framework. The Ceylon Chamber of Commerce said the Monetary Policy […]
MAS opens 2nd industrial park, plans to invest USD 28mn in export oriented projects
(PRESS RELEASE) – With the beginning of the New Year, MAS Holdings makes preparations to commence operations at the MAS Fabric Park in Giriulla. This will become the second privately owned industrial park in the country, following the MAS Fabric Park in Thulhiriya. generic The former Kabool Lace Giriulla facility, which was shut down for […]
Sri Lankan rupee weaker; moral suasion caps fall
Jan 05, 2017 (Reuters) – The Sri Lankan rupee traded weaker on Thursday due to dollar buying by foreign banks, but the central bank’s moral suasion prevented further decline, two days after the monetary authority’s chief signalled a change in its intervention policy to defend the currency. Central Bank Governor Indrajith Coomaraswamy said on Tuesday […]
Asian markets and oil up following Wall Street gains
HONG KONG, Jan 5 (Reuters) – Asian stocks edged higher on Thursday, underpinned by a firm Wall Street after minutes from the Federal Reserve’s December meeting suggested a less hawkish stance from policymakers. Oil prices rose on expectations of drops in U.S. inventories. MSCI’s broadest index of Asia-Pacific stocks outside Japan gained 0.2 percent, on […]
Sri Lanka shares end near 9-mth low; foreign selling in Keells weighs
Jan 04, 2017 (Reuters) – Sri Lankan shares fell for a fourth straight session on Wednesday, to end at a near nine-month low, as investors sold large-cap shares on fears that continued foreign selling in John Keells Holdings could dampen market sentiment further. Foreign investors sold a net 745 million rupees ($4.98 million) worth of […]
Sri Lankan rupee little changed; comments by c.bank chief weigh
Jan 04, 2017 (Reuters) – The Sri Lankan rupee was steady in thin trade on Wednesday amid worries over slowing foreign fund inflows, even as the central bank chief said defending the currency using foreign exchange reserves was not sensible. Central Bank Governor Indrajith Coomaraswamy said after the markets closed on Tuesday that defending the […]
PTL Watch: Bond yields higher, CBSL holding dips
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CB Governor vows to stop wasting external reserves to defend rupee
Jan 03, 2017 (LBO) – Sri Lanka’s unsustainable practice of defending the external value of the rupee through market intervention should be stopped, the Central Bank Governor said. Presenting the Road Map for Monetary and Financial Policy for 2017, Governor Indrajit Coomaraswamy said recent experience has clearly demonstrated that it is unsustainable to maintain an […]