Category: Economy and Markets
Sri Lanka stocks becalmed as market awaits IMF support
Mar 13, 2009 (LBO) – Sri Lankan shares closed almost flat Friday with a fall in the local unit of Nestle pulling down the main index in thin trade as investors stayed out of the market owing to uncertainty. Brokers said investors were disappointed by the slowdown in the war against Tamil Tigers after government […]
New economics column on LBO, by top economist
March 13, 2009 (LBO) – Today Lanka Business Online is starting a new column by one of Sri Lanka’s most senior and well-known economists, who has practiced, taught and written on economics for more than 35 years. The column is published in the Sinhala language under the title Balumgala in www.vimasuma.com The column ‘WatchTower’ by […]
Sri Lankan stocks close down
Mar 12, 2008 (LBO) – Sri Lankan stocks continued to fall in thin trade Thursday as fears the ethnic war could drag on longer than thought added to concerns over poor company earnings, brokers said. The All Share Price Index edged down 0.22 percent (3.66 points) to end at 1,634.25 while the more liquid Milanka […]
Sri Lanka investors chase Seylan Merchant Leasing
March 11, 2009 (LBO) – Sri Lankan shares ended slightly firmer Wednesday on low volumes with the most actively traded stock being Seylan Merchant Leasing which is to be bought by the island’s largest leasing firm, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The […]
Sri Lanka soft-peg drains reserves: ADB study
Mar 11, 2009 (LBO) – Sri Lanka’s foreign reserves have been hit due to poor foreign exchange reserve management coming from operating a soft-peg with the US dollar, an Asian Development Bank commissioned study has said. Sri Lanka is now negotiating an IMF bailout with foreign reserves halved from September to December when active peg […]
Sri Lanka EPF pension fund may allow early withdrawal
Mar 09, 2009 (LBO) – Sri Lanka’s Employee’s Provident Fund (EPF) which forcibly takes a part of the salary of a private sector worker for ‘management’ by the state may allow partial withdrawals of balances if new proposals become law, officials said. Up to now desperate private workers hit by high inflation created in the […]
Sri Lanka shares close flat
Mar 09, 2009 (LBO) – Sri Lankan stocks closed flat on Monday on thin volumes, with some Ceylinco group companies which are slated for management changes or take-over moving up, brokers said. The Colombo All Share Price Index edged up 0.18 percent (3.0 points) to end at 1,630.70 while the Milanka index of liquid stocks […]
Sri Lanka stock trading buoyed by Carson deal
March 06, 2009 (LBO) – Sri Lankan shares ended firmer Friday with trading volumes boosted by large transfers of shares within the Carson Cymberbatch conglomerate, brokers said.Seylan Merchant Leasing rose 16 percent or 1.25 to end at 9.25 rupees while Seylan Merchant Bank rose eight percent or 20 cents to end at 2.70. Seylan Merchant […]
Sri Lanka rupee unchanged after IMF bailout announcement
Mar 06, 2009 (LBO) – The Sri Lanka rupee traded at 114.20/25 against the US dollar in the spot market after the central bank said it had gone for an International Monetary Fund bailout. Dealers say exporters are hoping for a devaluation of about 5 percent at least, though it is uncertain whether the currency […]
Sri Lanka says foreign investment US889mn in 2008
Mar 05, 2009 (LBO) – Sri Lanka had received 889,9 million US dollars of foreign direct investments in 2008 which includes a 136.72 million US dollar loan, the island’s investment promotion agency said. The Board of investment said the investments in ventures approved by it were up 21 percent from the US dollars 734 million […]
Sri Lanka to give one month money to banking system
Mar 05, 2009 (LBO) – Sri Lanka’s central bank said it will extend the term of its liquidity facilities, which are now limited to only overnight money, to one month for commercial banks and primary dealers who have persistent liquidity shortfalls. In the United States Federal Reserves system, excess reserves, which were around 2.0 billion […]
Sri Lanka treasuries yields flat
Mar 04, 2009 (LBO) – Sri Lanka’s Treasury bill yields were flat at Wednesday’s auction, the government’s debt office said, though the 3-month yield was lower by 03 basis points at 15.73 percent. The government offered 7,000 million rupees worth bills to the market but accepted bids for only 2,747 million rupees to keep rates […]