Category: Economy and Markets
Sri Lanka stocks close up 0.4-pct
Feb 29, 2012 (LBO) – Sri Lanka’s stock closed up 0.49 percent Wednesday, with turnover boosted by the change of control of motor dealers, though market participants are still getting used to a new trading system, brokers said. The Colombo All Share Index rose 0. 49 percent to 5,458.09 points up 26.42 points while the […]
Sri Lanka policy changes to bolster external position: Fitch
Feb 29, 2012 (LBO) – Sri Lanka’s external finances are under pressure but recent policy changes could bolster the balance of payments even if they hurt growth, Fitch Ratings said. Analysts have pointed out that Sri Lanka is vulnerable to oil prices because the state manipulates energy prices and there is no mechanism to quickly […]
Sri Lanka sovereign rating outlook lowered by S&P
Feb 29, 2012 (LBO) – Standard & Poor’s Ratings Services has lowered its outlook on Sri Lanka’s ‘B+’ long-term foreign currency sovereign credit rating to stable from positive because of falling foreign reserves and fiscal problems. The rating agency at the same time downgraded Sri Lanka’s long-term local currency rating to ‘B+’ from ‘BB-‘, while […]
‘s inflation eases to 2.7-pct in Feb
Feb 29, 2012 (LBO) – Sri Lanka’s consumer prices rose 2.7 percent in the 12-months to February 2012, easing from 3. 8 percent in January, though the index gained 0.4 percent in the month, the state statistics office said. Interest rates have since risen. Sri Lanka’s inflation remained low by historic standards despite a steep […]
Sri Lanka shares end down 0.8-pct
Feb 28, 2012 (LBO) – Sri Lankan share prices fell Tuesday for the second day after a seven-day rally, with turnover boosted by large deals in Aitken Spence, brokers said. The main All Share Price Index closed down 0.82 percent (44.92 points) at 5,431.67, while the more liquid Milanka index fell 0.71 percent (33.96 points) […]
Sri Lanka rupee opens weaker
Feb 28, 2012 (LBO) – Sri Lanka’s rupee was quoted as low as 122.50/123.00 against the US dollar in early trade Tuesday weakening from Monday’s close of 121. 30/50 rupees, before recovering, dealers said. The rupee recovered to 121.30/50 rupees later. The rupee was floated earlier in February after it came under pressure from strong […]
Sri Lanka rupee recovers on state bank selling
Feb 28, 2012 (LBO) – Sri Lanka’s which was quoted as low as 122. 50/123.00 against the US dollar in early trade Tuesday recovered on state bank dollar sales which pushed the rupee to 121. 00 levels, dealers said. The rupee recovered to 121.30/50 rupees later. The rupee was floated earlier in February after it […]
Sri Lanka Hayleys knitting mill no longer rated: Fitch
Feb 28, 2012 (LBO) – Fitch Ratings said it was withdrawing Hayleys MGT Knitting Mills Plc’s ‘BBB(lka)’ rating soon after it stopped ratings its parent, Hayleys Plc. “Fitch Ratings Lanka has withdrawn Hayleys MGT Knitting Mills PLC’s (HMGT) ‘BBB(lka)’ National Long-Term rating with a Negative Outlook,” Fitch said in a statement. “On the basis of […]
Sri Lanka may see tyranny of markets to be worse than IMF, World Bank
Feb 28, 2012 (LBO) – The pain imposed by the tyranny of markets could be much greater than adjustments caused by the International Monetary Fund or World Bank, an economist has warned. The Ceylon Electricity Board, which had to generate large amounts of thermal power from the second quarter of 2011 due to failed rains […]
Sri Lanka shares end down 1.6-pct
Feb 27, 2012 (LBO) – Sri Lankan share prices fell Monday, ending a seven-day rally, with turnover also lower and sharp fluctuations in some illiquid stocks, brokers said. The main All Share Price Index closed down 1.61 percent (89.71 points) at 5,476.59, while the more liquid Milanka index fell 1.03 percent (49.39 points) to close […]
Sri Lanka rupee trades weaker
Feb 27, 2012 (LBO) – Sri Lanka rupee was quoted as low as 121. 05/121.25 levels against the spot US dollar in intra-day trade Monday after opening at around Friday’s close of 119. 90/120.20 dealers said. Analysts have called for rates to be allowed to move up, to keep the exchange rate steady. Update II […]
Sri Lanka exports top US$10bn, record growth in 2011
Feb 27, 2012 (LBO) – Sri Lanka’s exports topped 10 billion US dollars in 2011 growing at above 20 percent, a threshold achieved only on eight occasions since 1951, which exporters have reached for two years running. Sri Lanka’s exporters have shipped 10,486.9 billion US dollars worth goods in 2011, up 22.4 percent from a […]