Category: Economy and Markets
Sri Lankan stocks up 2.4-pct
June 18, 2009 (LBO) – Sri Lankan stocks extended gains Thursday closing up 2.4 percent with heavy trading on conglomerate John Keells Holdings (JKH) and financial sector companies activating the market, brokers said. The market has grown 59.9 perecent year to date, brokers said. The benchmark Colombo All Share Price Index closed up 2.41 percent […]
Sri Lanka buys US218mn from forex markets in June: CB Governor
June 18, 2009 (LBO) – Sri Lanka’s central bank has bought 218 million US dollars from forex markets so far in June on top of 160 million US dollars bought during the last two months, Central Bank Governor Nivard Cabraal said. Since a float of the rupee in March ahead of an International Monetary Fund […]
Sri Lanka meeting admits Maldives into regional clearing group
June 18, 2009 (LBO) – the Asian Clearing Union (ACU), regional transaction settlement arrangement that tries aimed at by passing hard currency use, has admitted Maldives at a meeting held in Sri Lanka’s capital Colombo. The ACU headquartered in Iran is made up of the Bangladesh Bank, Royal Monetary Authority of Bhutan, Reserve Bank of […]
Sri Lanka lose 96,000 industrial jobs: official survey
June 18, 2009 (LBO) – Sri Lanka’s industrial sector has lost 96,000 jobs in the first quarter of 2009 with the apparel workers losing 60,000 jobs and construction workers losing 36,000 jobs, according to a government survey. But Fernando said the change was not statistically significant. The latest data includes Sri Lanka’s Eastern province, but […]
Sri Lankan stocks close up 2.2-pct
June 17, 2009 (LBO) – Sri Lankan stocks extended gains Wednesday, as high volume transactions on diversified conglomerates, banks and hotels propped up the market, brokers said. Dialog Telekom, a unit of Telekom Malaysia was active with 1.37 million shares trading mostly at 5.50 rupees, its closing price. Brokers said hotel stocks were also active […]
Sri Lanka pins economic recovery on post-war revival
June 17, 2009 (LBO) – Sri Lanka’s growth which plummeted to 1.5 percent in the first quarter may pick up later in 2009 with an agriculture and construction led recovery in former war-torn areas coupled with a global green shoots, officials said. The government defeated Tamil Tiger separatists last month in their last redoubt in […]
Sri Lanka public sector scam vies with private sector ones: minister
June 17, 2009 (LBO) – Sections of Sri Lanka’s bloated public sector are stealing peoples’ money in the same corrupt manner as high profile private sector scams, a senior minister said. “More than 140 state owned institutions are running at losses and have to be supported by the Treasury. Some workers don’t even come to […]
Sri Lanka GDP growth slows to 1.5-pct in 2009 first quarter
June 17, 2009 (LBO) – Sri Lanka’s economic growth slowed to 1.5 percent in the first quarter of the 2009, against 6.2 in 2008 and 4.3 percent in the December quarter, officials said. Passenger kilometres flown by Sri Lankan Airlines had fallen 25.0 percent, railway passenger kilometres fell 7.7 percent, while in state bus service […]
Sri Lankan shares up 0.2-pct
June 16, 2009 (LBO) – Sri Lankan stocks lost early gains to close flat Tuesday as the plantations sector retreated from the previous day’s highs, subdued from yesterday’s gains due to profit taking, brokers said. Agalawatte Plantations closed at 24.75 rupees, up 1.00, while Madulsima Plantations closed at 15.25 rupees, up 50 cents. Maskeliya Plantations […]
Sri Lanka central bank cut rates to boost post-war recovery
June 16, 2009 (LBO) – Sri Lanka cut its main policy discount rate by 50 basis points to 11.00 percent to boost credit and support post war economic recovery, amid muted inflation, the Central Bank said. The defeat of Tamil Tigers last month has raised expectations of post war reconstruction and recovery. “The renewed business […]
Sri Lanka water utility still cannot cover costs
June 15, 2009 (LBO) – Sri Lanka’s national water supply and drainage board (NWS&DB) has given 34 percent of the population pipe-borne water, but it still cannot recover costs, a finance ministry report said. The percentage of population covered by the Water Board’s pipe-borne schemes increased to 34 percent in 2008 from 32 percent in […]
Sri Lankan stocks up 1.40-pct
June 15, 2009 (LBO) – Sri Lankan shares gained on Monday pushed up by the blue chips counters headed by conglomerate John Keells Holdings (JKH)and high retail interest in construction, hotels and plantations sectors, brokers said. Malwatte valley Plantations closed 33.00 rupees, up 4.25, while Udapussellawa Plantations closed at 27.00 rupees, up 3.50. Agalawatte Plantations […]