Category: Economy and Markets
Sri Lanka rupee looks for direction amid IMF talks
April 03, 2009 (LBO) – The Sri Lanka rupee held steady against the US dollar in intra-day trading around 116.00 rupees Friday days after an International Monetary Fund mission wrapped up talks in Colombo, and a bailout expected within weeks. “An IMF mission is back to Washington and continues discussions with the authorities on the […]
Sri Lankan stocks close up on slim turnover
Apr 03, 2009 (LBO) – Sri Lankan shares closed marginally up Friday due to low volume price gains on Hatton National Bank (HNB) and renewed retail interest on Chevron Lubricants Lanka, brokers said. The All Share Price Index was up 0.05 percent (0.86 points) to end at 1,637.19 while the more liquid Milanka gained 0.19 […]
Sri Lanka relaxes export support criteria
April 03, 2009 (LBO) – The Sri Lankan government is ready to be flexible on export earnings criteria in a support package for exporters to help them weather the economic recession, a senior finance ministry official said.S R Attygalle, director-general of fiscal policy of the finance ministry, said the government is ready to be flexible […]
Sri Lankan stocks close down
Apr 02, 2009 (LBO) – Sri Lankan shares closed weaker Thursday dragged down by low volume transactions on Hatton National Bank (HNB) and Development Finance Corporation of Ceylon (DFCC), brokers said. Dialog Telekom, a subsidiary of Telekom Malaysia, closed flat at 4.80 rupees, while fixed-line giant Sri Lanka Telecom lost 25 cents to close at […]
Sri Lanka brain drain still key corporate concern
April 02, 2009 (LBO) – The migration of skilled professionals remains a major concern for Sri Lanka’s corporate sector, the Asian Development Bank (ADB) said.Hasitha Wickremasinghe, an economist for the ADB in Sri Lanka, said a recent survey of the corporate sector by the bank had revealed brain drain was continuing unabated. The problem was […]
Sri Lanka rupee weakens to new life low
April 01, 2009 (LBO) – The Sri Lanka rupee traded at a new low of 116.10 rupees against the greenback Wednesday dealers said, heightening expectations of a successful deal with the International Monetary Fund (IMF).In a pegged country rate cuts are achieved by further monetizations of deficits (printing money) unless the government reduces spending.This will […]
Sri Lankan shares up, Lanka Cement draws interest
April 01, 2009 (LBO) – Sri Lankan stocks edged higher on Wednesday boosted by speculative trading by small investors in Lanka Cement, which has a defunct plant in the north that is being eyed by foreign firms, brokers said. The All Share Price Index was up 0.10 percent (1.70 points) to end at 1,639.76 while […]
Sri Lanka reconstruction after war could stimulate economy: ADB
Mar 31, 2009 (LBO) – Sri Lanka’s economic growth will slow down this year but could revive the next helped by reconstruction activity expected with the end of the war against Tamil Tigers, the Asian Development Bank said.The ADB report said the island economy remained resilient last year, bolstered by strong growth in the agriculture […]
Sri Lanka inflation drops to 5.3-pct in March
Mar 31, 2009 (LBO) – Consumer price inflation in Sri Lanka’s capital Colombo dropped to 5.3 percent in the 12-months to March 2009 from 7.6 percent in February, with prices dropping for six straight months, the government’s statistics office said. Consumer prices have dropped absolutely from October 2008, when the revised Colombo Consumer Price Index […]
Sri Lankan stocks close down
Mar 31, 2009 (LBO) – Sri Lankan shares closed down on Tuesday, dragged down by blue chips such as John Keells Holdings (JKH) and National Development Bank (NDB) on low volume trades despite inflation and interest rates coming down, brokers said. Dialog Telekom, a subsidiary of Telekom Malaysia, closed flat at 4.90 rupees. The All […]
Sri Lanka needs to depreciate rupee: ADB
Mar 31, 2009 (LBO) – Sri Lanka should adopt a more flexible exchange rate policy and depreciate the rupee to make exports more competitive and better manage import demand, the Asian Development Bank said.ADB Lead Economist for Sri Lanka Narhari Rao said two issues of concern are the fiscal deficit and the external account in […]
Sri Lanka stocks close down despite Light House deal
Mar 30, 2009 (LBO) – Sri Lankan shares closed down Monday despite large crossings of Lighthouse Hotels Limited (LHL) which went through during the last minutes of trading at a premium, brokers said. The All Share Price Index was down 0.23 percent (3.85 points) to end at 1,644.59 while the more liquid Milanka slid 0.23 […]