Category: Economy and Markets
Sri Lanka Central Bank cuts policy interest rates by 50bp
Sept 11, 2009 (LBO) – Sri Lanka’s Central Bank said it had decided to reduce policy interest rates by 50 basis points each from Friday with the repurchase rate to be 8.00 percent and reverse repurchase rate 10.50 percent. It said in a statement its Monetary Board decided to cut rates as inflation was low […]
Sri Lanka to bond deal draw top investment banks
Sept 11, 2009 (LBO) – Sri Lanka is getting closer to choosing managers for a 500 million US dollar bond with top names in the international investment banking circuit making presentations to the island’s authorities. Sri Lanka has been attracting the attention of big international names of late, more than a billion US dollars pouring […]
Sri Lankan shares up 8.0-pct during week
Sep 11, 2009 (LBO) – Sri Lankan shares closed up Friday as retailers remained bullish and bet on stocks almost across the board, while high-net-worth investors eyed the banking and hotel sectors and conglomerate John Keells Holding (JKH), brokers said. The benchmark Colombo All Share Price Index (ASPI) closed up 1.75 percent (48.89 points) to […]
Sri Lanka investors take profit after hotel share rally
Sept 10, 2009 (LBO) – Sri Lankan stocks ended marginally up Thursday as investors took profits on a hotel share rally but trading volumes remained above a billion rupees for the third straight day, brokers said.“Profit taking was seen in stocks like Sampath Bank and the hotel sector.” HDFC Bank closed at 170.50 rupees, up […]
Sri Lanka to issue US$50mn dollar bonds to local market
Sep 10, 2009 (LBO) – Sri Lanka is selling 3-year bonds for 50 million US dollars in the local market to qualified investors who can hold dollar assets, the government’s debt office said.The bonds will pay interest based on the 6-month London interbank rate (LIBOR).A 35 million US dollars in bonds are maturing this month. […]
Sri Lanka first sovereign bond trades above par: official
Sept 10, 2009 (LBO) – Sri Lanka’s first sovereign bond which has a coupon above 8.25 percent has started to trade above par in recovering from steep discounts seen before an internal war ended, an official said. Sri Lanka is now evaluating bids from seven international investment banks to float another 500 million US dollar […]
Sri Lankan shares hit new 28 month high, up 84.9% in 2009
Sept 09, 2009 (LBO) – Sri Lankan shares closed up 2.3 percent Wednesday hitting a new 28-month high as retail investors pushed up the market, though expectations of profit-taking are emerging, brokers said. The benchmark had gained 84.9 percent from the beginning of the year while the Milanka was up 91.7 percent, the Colombo Stock […]
Sri Lanka Treasuries yields flat
Sept 09, 2009 (LBO) – Yields of Sri Lanka government bonds remained flat at Wednesday’s auction with only 8.8 billion rupees out of 12.0 billion rupees of maturing bills being sold to the market, the government’s debt office said.The 3-month average yield was down 01 basis point to 10.54 percent, the 6-month yield was down […]
Sri Lanka lags Pakistan and Maldives in ease of doing business: IFC-World Bank study
Sept 09, 2009 (LBO) – Bangladesh was the top reformer in South Asia in the past year, and Pakistan and Maldives remained in the lead as the easiest places to do business, with Sri Lanka a distant third, an annual World Bank’s survey said. Nepal had cut the fee for transferring a property from 6.0 […]
Gold higher, the best bet in uncertain times
PARIS, September 9, 2009 (AFP) – Gold is back in favour, hitting 18-month highs above 1,000 dollars as investors hedge their bets on the dollar in a global economy struggling out of its worst slump in decades, analysts said. Gold is the ultimate store of value when all else fails and in uncertain times like […]
Bursting economic bubble may have averted greater disaster ahead: Sri Lanka CB chief
Sept 08, 2009 (LBO) – The bursting of a global economic bubble in 2007-2008 may have averted greater disaster ahead, but the global financial community must implement a new framework to prevent recurrences, Sri Lanka’s central bank chief has said. Cabraal said complex financial instruments, especially derivatves, should be subjected to tighter rules and like […]
Sri Lankan shares close 1.66-pct up
Sep 07, 2009 (LBO) – Sri Lankan shares closed up almost across the board Monday as retail investors bet heavily on hotel stocks, while strategic investors bought into high value counters such as Commercial Bank, brokers said. The benchmark Colombo All Share Price Index (ASPI) was up 1.66 percent (43.78 points) to close at 2,674.55 […]