Category: Economy and Markets
Sri Lanka has cut deficit spending, lowered inflation: monetary minister
Sept 25, 2011 (LBO) – Sri Lanka has reigned in deficit spending, allowing inflation and interest rates to ease, giving space for people to engage in growth generating activities after the end of a long running war, a senior minister has said. “Relatively high fiscal deficits and double digit inflation were the main macro-economic issues […]
Sri Lanka bond yields edge up
Sept 23, 2011 (LBO) – Sri Lanka’s bond yields edged up over the week with liquidity in interbank markets tightening, and the yield on a 2016 bond fell back after breaching 9. 0 percent, dealers said. Partially expired bonds were slightly higher. Dealers say there is usually an arbitraged gap between bills and partially expired […]
Sri Lanka stocks end down 0.4-pct
Sept 23, 2011 (LBO) – Sri Lankan stocks slumped again Friday closing lower for the fourth straight day with turnover also falling amid continued trade in stocks that have drawn speculators, brokers said. The main All Share Price Index fell 0. 41 percent (27.78 points) to 6,734.60, while the more liquid Milanka index fell 1.37 […]
Sri Lanka must seek balance between East and West: economist
Sept 23, 2011 (LBO) – Sri Lanka must improve trade ties with emerging Asian growth centres but not write-off the United States and Europe just because they are in a weak phase, an economist said. “We need to find ways for Sri Lanka to productively piggy-back on India’s growth and seek closer economic integration with […]
Sri Lanka stocks extend losses, rupee weaker
Sept 22, 2011 (LBO) – Sri Lanka stocks closed 0.4 percent lower, while the rupee ended at 110.30/35 to the US dollar after an intervention rate was dropped 10 cents, brokers and dealers said. Dialog Axiata closed flat at 8.50 and Sri Lanka Telecom closed at 48.00 In forex markets the rupee closed at 110.29/30 […]
Fed backs more stimulus, sidesteps pressure
WASHINGTON, September 21, 2011 (AFP) – The Federal Reserve redoubled its efforts to juice the US economy on Wednesday, unveiling a $400 billion stimulus plan and shunning political calls for the bank to take a back seat. The Fed’s top policy panel unleashed the latest in a battery of tools aimed at rekindling the troubled […]
Sri Lanka Treasuries yields up
Sept 21, 2011 (LBO) – Sri Lanka’s Treasury bill yields edged up across maturities and Wednesday’s auction, with the 3-month yield up 3 basis points to 7. 14 percent, data from the state debt office showed. On Wednesday authorities weakened the peg 10 cents to 110. 20 rupees in the spot market. The 6-month yield […]
IMF warns global economy in danger zone
WASHINGTON, September 20, 2011 (AFP) – The global economy has entered “a dangerous new phase,” with a recovery that is much weaker than was predicted just months ago, the International Monetary Fund warned Tuesday. Emerging market economies that have been the recovery’s driving force, such as China and India, will not escape unscathed from the […]
Sri Lanka stocks end down 0.5-pct
Sept 21, 2011 (LBO) – Sri Lankan stocks slumped again Wednesday with the benchmark index slipping below the 6,800 point mark amid heavy trade in a newly listed firm and several off-market private deals, brokers said. The main All Share Price Index fell 0. 53 percent (36.26 points) to 6,792.31, while the more liquid Milanka […]
Sri Lanka stocks end down 0.7-pct
Sept 20, 2011 (LBO) – Sri Lankan stocks closed down Tuesday with a sharp increase in the price of an insurer control of which changed hands recently and continued trading in shares that had drawn speculators, brokers said. The main All Share Price Index fell 0.72 percent (49.23 points) to 6,821.69, while the more liquid […]
Sri Lanka accepts more cash through auction
Sept 20, 2011 (LBO) – Sri Lanka’s central bank accepted 20 billion rupees at 7. 08 percent from banks at an open market auction Tuesday as excess reserve in the island’s banks continued to decline amid forex sales to defend a dollar peg. Sri Lanka has a policy corridor of 7. 0 to drain excess […]
Sri Lanka stock trades cancelled after technical glitch
Sep 19, 2011 (LBO) – Sri Lanka Colombo Stock Exchange (CSE) cancelled all orders and trades Monday after a technical problem halted trading soon after the opening. Turnover had been 1.8 billion rupees on Friday. “The Automated Trading System (ATS) experienced a hardware failure in the database servers shortly after the Open Auction today,” a […]