Category: Economy and Markets
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 […]
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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. […]
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 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 […]
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 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 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 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 […]