Category: Economy and Markets
Sri Lanka stocks flat, bond yields higher
Mar 05, 2012 (LBO) – Sri Lanka stocks closed flat Monday with off-market deals in large cap firms helping turnover with market market participants still to be fully comfortable with a new trading system while bonds yields edged up, brokers said. In forex markets the rupee opened at 121.50 and weakened to 122.10/20 in late […]
Sri Lanka shares end down 0.2-pct
Mar 02, 2012 (LBO) – Sri Lankan shares closed weaker Friday in somewhat choppy trade with turnover falling to low levels, brokers said. Environmental Resources Investments was the most actively traded stock, closing at 19.30 rupees, down 60 cents as was HVA Foods, which ended at 17.60 rupees, down a rupee. Acme Printing & Packaging […]
Sri Lanka trims bank forex trading positions
Mar 02, 2012 (LBO) – Sri Lanka has trimmed the level of foreign exchange banks can keep overnight for trading to around a third of an earlier level, a day after curbs was placed in the forward market, dealers said. The rupee gained to 119.00/120.00 against the greenback in the spot dollar market from around […]
Sri Lanka shares end up 0.2-pct
Mar 01, 2012 (LBO) – Sri Lankan shares closed firmer Thursday with big deals in Hayleys and LB Finance pushing up turnover, brokers said. The main All Share Price Index closed up 0.21 percent (11.59 points) at 5,469.68, while the more liquid Milanka index rose 0. 26 percent (12.13 points) to close at 4,763.19. Turnover […]
Sri Lanka caps forex forward deals to 90-days
March 01, 2012 (LBO) – Sri Lanka’s central bank has capped forward foreign exchange deals with the rupee to 90 days to reduce speculation Governor Nivard Cabraal said. “It will reduce speculation overall,” Cabraal said. Sri Lanka reduced interventions in forex markets on February 09, allowing the exchange rate to be market determined and said […]
Sri Lanka hoping to resume IMF program: Central Bank
Mar 01, 2012 (LBO) – Sri Lanka is planning to resume a deal with the International Monetary Fund which can boost the island’s forex reserves which had fallen to 5. 7 billion US dollars and there is no capital flight, the Central Bank said. Analysts say that in the absence of a clean float and […]
Sri Lanka think tank World Bank starts online debate on better jobs
Mar 01, 2012 (LBO) – An online discussion based on a report by Sri Lanka’s Institute of Policy Studies (IPS) and the World Bank on creating better jobs has been started using ‘Google Moderator’, to invite more public discussion. “Sri Lanka is in a new phase of growth, but the development challenges are many. Unemployment […]
Sri Lanka Treasuries yields up, bonds lower
Feb 29, 2012 (LBO) – Sri Lanka’s Treasuries yields rose across maturities at Wednesday’s auction though bond yields were pushed down by state managed fund, ahead of a 51 billion rupee rollover due on Thursday, dealers said. The state debt office said the 3-month yield rising 30 basis points to 9. 81 percent, the 6-month […]
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Feb 29, 2012 (LBO) – Fitch Ratings Lanka has lowered Lanka Orix Leasing Company’s rating from ‘A-(lka)’ to ‘BBB+(lka)’ with a negative outlook with a similar cut in outstanding senior unsecured debentures. The rating is still in the investment grade. Fitch said the downgrade came from a “higher appetite for market risks” at the holding […]
Sri Lanka Commercial Leasing and Finance outlook cut
Feb 29, 2012 (LBO) – Sri Lanka’s Fitch Ratings has cut the outlook on Sri Lanka’s Commercial Leasing and Finance (CLC) to ‘negative’ from ‘stable’ but confirmed its underlying rating at ‘A-(lka)’. Fitch said CLC could be relied upon for support from its parent Lanka Orix Leasing Company if required which had a rating one […]
Sri Lanka taking corrective steps to fix imbalances: economists
Feb 29, 2012 (LBO) – Sri Lanka has taken delayed corrective steps to counter a balance of payments crisis triggered by a credit bubble worsened by energy price manipulation and state enterprise losses, but more pain may be ahead, economists warned. In 2011 Sri Lanka saw a surge in private sector credit fired by extended […]
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Feb 29, 2012 (LBO) – Fitch Ratings has confirmed an ‘A-(lka) rating of Lanka Orix Finance Plc (LOFIN) saying it reflected its strong franchise among registered finance companies and is satisfactory financial profile. Fitch said a negative outlook on the rating came from a heightened risk profile of its parent, Lanka Orix Leasing Company Plc. […]