Category: Economy and Markets
Asia stocks, sterling rise as Brexit anxiety abates
June 23 (Reuters) – Asian shares edged up and sterling stood close to its peak for the year on Thursday, as investors were cautiously optimistic that British voters would opt to remain in the European Union at a referendum later in the session. Two opinion polls published late on Wednesday, a few hours before […]
POLL-Sri Lanka Central bank expected to keep policy rates steady
June 22 (Reuters) – Sri Lanka’s central bank is expected to keep its key interest rates steady for a fourth straight month on Friday, a Reuters poll showed, despite signs of rising inflation and stubbornly high private sector credit growth. The central bank has tightened monetary policy twice since December to fend off selling pressure […]
Sri Lanka recall mid income housing projects in Kandy, Galle, and Homagama
Jun 22, 2016 (LBO) – Sri Lanka’s cabinet has decided to recall proposals for housing projects in Kundasale, Homagama, Galle, and Nittambuwa and grant fresh approvals for projects in Panadura and Yakkala, a statement said. “The Steering Committee appointed in this regard has recommended to implement housing projects in Panadura, Homagama (Jalthara Phase II), Yakkala, […]
Sri Lanka to obtain IDA loan for reforms, competitiveness
June 22, 2016 (LBO) – Sri Lanka’s cabinet has approved obtaining a 100 million US dollar loan from the International Development Agency to develop the Sri Lankan economy by implementing reforms under three aspects. Removal of obstacles for the competitiveness in private sector, transparency and improvement of management in public sector, and improvement of the […]
PTL Watch: Bond yields drop, some foreign buying
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Oil prices above USD50, buoyed by U.S. stock draw
June 22 (Reuters) – Oil prices rose in early Asian trading on Wednesday, with U.S. crude joining Brent above $50 a barrel after data from the American Petroleum Institute (API) showed a larger than expected draw on stocks. U.S. crude futures’ August contract, the new front month from Wednesday, had climbed 35 cents to $50.20 […]
Opportunities for value investors, rate hikes limited: JB Securities
June 22, 2016 (LBO) – Sri Lanka’s equity market offers opportunities for value investors as market multiples have contracted, JB Securities says in their latest research report. Although the economy is forecast to grow 4.5 percent in 2016, compared with 4.8 percent last year, further increases in interest rates are likely limited to 25 basis […]
Sri Lankan rupee 1-wk forwards fall on importer dollar demand; stocks slip
June 22 (Reuters) – Sri Lankan rupee one-week forwards fell on Wednesday on importer dollar demand amid low liquidity for the U.S. currency after Moody’s revised down its outlook on the island nation’s sovereign rating, dealers said. The local currency was also under pressure due to lack of exporter conversions, while moral suasion by […]
Sri Lanka consumer prices soar 5.3-pct in May
Jun 22, 2016 (LBO) – Sri Lanka’s inflation climbed for the fourth straight month in May after recording a fall of 0.7 percent in January, according to the National Consumer Price Index (NCPI) introduced in October last year with 2013 as the base. According to the Census and Statistics Department inflation was 5.3 percent in […]
Sri Lanka’s debt higher than B, BB rated countries, Fitch data shows
June 21, 2016 (LBO) – Sri Lanka’s current debt levels are higher than its ‘B’ median peers or the previously rated ‘BB’ median, data from the ratings agency Fitch shows. Sri Lanka’s external funding requirement too is high compared to peers, although it performs better in certain governance metrics and HDI indices. Supporting the rating, […]
Asia shares pause, sterling stands tall as Brexit vote looms
June 21 (Reuters) – Asian shares got off to a tentative start on Tuesday, as investors paused after a rally triggered by growing expectations that British voters will opt to remain in the European Union in this week’s referendum. Two of the latest polls released over the weekend showed the “Remain” camp in the […]
”s rating to negative from stable
June 20, 2016 (LBO) – Moody’s Investors Service has today affirmed the government of Sri Lanka’s foreign currency issuer and senior unsecured sovereign ratings at B1 and changed the outlook to negative from stable. Two key drivers underpin the change in outlook to negative from stable, Moody’s Investors Service said. 1) Our expectation of a further weakening in […]