Category: Economy and Markets
Sri Lanka Keells Food trims Indian costs, cuts losses
July 27, 2010 (LBO) – Sri Lanka’s Keells Foods Products said its lost 5. 0 million in the June 2010 quarter down from 8. 6 million rupees a year earlier and its Indian distribution unit was being wound down in favour of an agency to cut costs. Consolidated revenues rose 16 percent to 479. 6 […]
Sri Lanka stocks hit new high
July 27, 2010 (LBO) – Sri Lankan stocks hit a new high Tuesday, crossing 5,000 points for the first time before falling back as investors bought in anticipation of higher company earnings and foreign funds entering the market, brokers said. Company earnings are also improving with the improved business climate and lower interest rates and […]
Sri Lanka bond auction yields slip
July 27, 2010 (LBO) – Sri Lanka’s 5-year bond yields slipped 28 basis points to 9.62 percent and 6-year bonds fell 22 basis points to 9.68 percent on Tuesday from an auction on July 15, results released by the government debt office showed. Four year bonds (01-04.2014) were traded around 9.48 and closed at closed […]
Sri Lankan stocks close 0.98-pct up
July 26, 2010 (LBO) – Sri Lankan stocks closed higher and passed the 4,900 point mark Monday, as investors continued their buying spree, while there was systematic profit taking on selected high value and midcap companies, brokers said. The All Share Price Index closed at 4,943.53, up 48.02 points, while the more liquid Milanka index […]
Sri Lanka to make better use of idle state assets
July 23, 2010 (LBO ) – Sri Lanka will set up a state company to develop joint ventures and lease assets of other failed state companies with a capital of 100 million rupees, without ‘privatizing’ them, a government minister said. The State Resources Management Corporation will make better use of state assets which are uneconomical, […]
Sri Lankan stocks close up 0.96-pct
July 23, 2010 (LBO) – Sri Lankan stocks recovered Friday on price gains on selected blue chip and midcap stocks on low volume trading, while Hotel Reefcomber shares continued to fall after the Amaya Leisure sell-out, brokers said. The All Share Price Index closed at 4,895. 51, up 0.96 percents while the more liquid Milanka […]
Sri Lanka to sell billion dollar bond to settle loans: minister
July 22, 2010 (LBO) – Sri Lanka will sell a billion dollar sovereign bond this year to settle more expensive short term foreign loans, media minister and cabinet spokesman Keheliya Rambukwelle said. “The cabinet approval has been given to issue a sovereign bond of one billion dollars,” Rambukwelle said. “We have taken short term loans […]
Sri Lankan stocks close down 0.17-pct
July 22, 2010 (LBO) – Sri Lankan stocks closed lower Thursday as investors took profits from an overheating market, while nearly 44 percent of Hotel Reefcomber divested by Amaya Leisure was mostly picked up by retail investors, brokers said. The All Share Price Index closed at 4,849. 17, down 8.40 points while the more liquid […]
Sri Lanka business wants action on loss-making state entities
July 21, 2010 (LBO) – The head of Sri Lanka’s top business chamber has called for loss-making state entities which are a drain on public finances to be turned around within a strict time frame or more radical alternatives considered. Ceylon Chamber of Commerce chairman Anura Ekanayake said recent reductions in inflation and interest rates […]
Sri Lanka shares head higher in record territory
July 21, 2010 (LBO) – Sri Lankan stocks edged higher into record territory Wednesday with investor sentiment buoyed by improved company earnings and private deals in Hatton National Bank boosting trading turnover, brokers said. The All Share Price Index closed at 4,857.57, up 1.06 percent (51.14 points) while the more liquid Milanka index rose 0. […]
Sri Lankan stocks close up 1.82-pct
July 20, 2010 (LBO) – Sri Lankan stocks closed up passing the 4,800 point mark Tuesday with price gains across the board, while large deals on Dankotuwa Porcelain and John Keells Holdings (JKH) boosted turnover, brokers said. Dialog Axiata closed at 10.00 rupees, up 10.00 with 8.1 million shares traded, and Sri Lanka Telecom closed […]
Sri Lanka central bank independence hurt by law
July 19, 2010 (LBO) – A groundbreaking book by a former Sri Lankan central banker has shown how the institutions independence could be improved so that it can better resist fiscal and political pressure to print money and generate inflation. Economic analysts have warned that direct subscriptions to Treasury bill auctions is a ‘quantity easing’ […]