Category: Economy and Markets
Sri Lanka shares end down 0.5-pct
Feb 06, 2012 (LBO) – Sri Lankan shares closed weaker Monday, falling for the fifth straight trading session with trades in Commercial Bank helping to prop up turnover, brokers said. Environmental Resources Investments was also heavily traded, closing at 26.60 rupees, down 50 cents. The market is closed Tuesday for a religious holiday. The main […]
Sri Lanka president warns of external fallout
Feb 04, 2012 (LBO) – Sri Lanka’s President Mahinda Rajapaksa warned of possible fallouts from a weak global economy during a speech to mark the island’s independence from British rule. “The economic crises in the world also affect our country,” the English text of President Rajapaksa’s speech delivered in Anuradhapura, an ancient capital of the […]
Sri Lanka has to fix SOE losses reduce currency pressure: IMF
Feb 04, 2012 (LBO) – Sri Lanka has to fix losses in key state enterprises as part of polices to slow credit and arrest the loss of foreign reserves, the International Monetary Fund said. “There was broad agreement that a decisive policy response was needed to put the economy on a sounder footing, especially given […]
‘s drainage, wetlands boosted with World Bank credit
Feb 03, 2012 (LBO) – Sri Lanka will boost drainage to reduce flooding and improve the wetlands around the capital Colombo in a 223 million dollar project which will be mostly financed with a World Bank credit. The government has negotiated a 213 million dollar credit to develop the Colombo metropolitan area under the Metro […]
Sri Lanka shares end down 0.3-pct
Feb 03, 2012 (LBO) – Sri Lankan shares closed weaker Friday for the fourth straight day in dull trade despite the central bank announcing it was allowing foreign firms to give margin loans for share trading, brokers said. SC Securities said the main contributor to turnover was trading in Commercial Bank which closed at 100.50 […]
Sri Lanka mounts an interest rate defence on peg
Feb 03, 2012 (LBO) – Sri Lanka’s Central Bank hiked rates by 50 basis points to 9. 0 percent mounting an interest rate defence of its peg with the US dollar, and slapped a credit ceiling as foreign reserves fell by a quarter in 2011 due to high loan growth. The Central Bank said its […]
Sri Lanka monetary tightening welcomed by IMF – Update
Feb 03, 2012 (LBO) – A hike in rates and a credit ceiling to rein in loan growth would help narrow a widening external deficit in Sri Lanka, but exchange rate flexibility should be part of the policy package, the International Monetary Fund said. Strong credit growth put pressure on Sri Lanka’s peg with the […]
Sri Lanka shares end down 1.4-pct
Feb 02, 2012 (LBO) – Sri Lankan shares closed weaker Thursday for the third straight day after a brief recent rally, with warrants in Environmental Resources Investments plunging 71 percent with the regulator imposing trading restrictions from February 03. The main All Share Price Index closed down 1.35 percent (76.84 points) at 5,605.49, while the […]
Sri Lanka shares end down 0.2-pct
Feb 01, 2012 (LBO) – Sri Lankan shares closed weaker Wednesday for the second day after a brief recent rally, with warrants in Environmental Resources Investments which has attracted controversy losing half their value, brokers said. Index heavyweight John Keells Holdings closed at 170 rupees, up 70 cents with 1.2 million shares changing hands. Acme […]
Sri Lanka Treasuries flat
Feb 01, 2012 (LBO) – Sri Lanka’s Treasuries yields remained flat across maturities for the sixth week at Wednesday’s auction with 9,751 million rupees of bills being sold, the state debt office said. The 3-month yield edged up one basis point to 8.68 percent with 4.6 billion rupees of bills sold and the 6-month month […]
Sri Lanka will not curb imports to maintain peg: CB Governor
Feb 01, 2012 (LBO) – Sri Lanka will not curb imports to stabilize the exchange rate, Central Bank Governor Nivard Cabraal said as a peg with the US dollar came under pressure from strong credit growth. “There has been an exponential growth in imports such as vehicles and gold and this is a reflection of […]
Sri Lanka shares end down 1.1-pct
Jan 31, 2012 (LBO) – Sri Lankan shares closed weaker Tuesday after rising sharply at the opening, as profit-taking came in with turnover also slumping, , brokers said. The main All Share Price Index closed down 1.12 percent (64.22 points) at 5,691.34, while the more liquid Milanka index fell 1.02 percent (50.94 points) to close […]