Category: Economy and Markets
Sri Lanka IOC unit gains on earnings outlook as oil prices fall
Aug 06, 2008 (LBO) – Stocks closed higher Wednesday with the indices lifted by gains in the Sri Lanka unit of Indian Oil Corp as lower crude oil prices improved its earnings outlook, brokers said. Dialog Telekom was flat at 13.50. All plantations shares ended stronger after the island’s tea exports and earnings hit record […]
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Aug 05, 2008 (LBO) — Sri Lanka’s environmental protection office is hoping to collect up to 800 million rupees from a series of taxes charged on people who own cars, mobile phones, standard light bulbs and firms that use telecom transmission towers.The Central Environmental Authority (CEA) will also charge a two percent levy on top […]
Sri Lanka Hunters trade boosts stake of activist minority
Aug 05, 2008 (LBO) – The sale of a 5.0 percent stake in Sri Lanka’s land-rich Hunters has boosted the stakes of activist minority shareholders who have been battling the management over corporate governance issues, dealers said. The Carsons group, which held a 5 percent stake, sold out its 257,000 shares, and the Kuwaiti Al […]
Sri Lanka stocks end firmer
Aug 04, 2008 (LBO) – Sri Lankan stocks closed marginally higher Monday extending gains made last week but turnover was low. The All Share Price Index closed up 0.29 percent (7.15 points) at 2,480.60 while the Milanka rose 0.54 percent (15.93 points) to 2,969.46. Turnover was 194 million rupees. Lanka Cement rose 3.85 percent or […]
Sri Lanka stocks extend gains, choppy trading seen ahead
Aug 01, 2008 (LBO) – Sri Lankan stocks closed higher Friday ending the week in positive territory with heavy trading seen in John Keells Holdings, Associated Motorways and Vallibel Power Erathna.Activity could pick up with listed firms reporting quarterly results but brokers said trading was likely to remain volatile and the market could dip on […]
Sri Lanka Telecom share price gains after surprise profit jump
July 31, 2008 (LBO) – Sri Lanka Telecom’s share price rose Thursday after it reported June quarter profit nearly tripled to 1.5 billion rupees helped by its newly profitable mobile subsidiary.The stock was up 3.33 percent or 1.50 to 46.50 rupees around 1.00 p.m. on the Colombo stock exchange, after hitting a high of 47.50, […]
Sri Lanka stocks lifted by telecom gains
July 31, 2008 (LBO) – Sri Lankan stocks closed higher Thursday lifted by gains in telecom heavyweights after the dominant fixed line operator Sri Lanka Telecom (SLT) reported a surprise jump in June quarter profits The All Share Price Index gained 1.41 percent (34.27 points) to close at 2,463.41 while the more liquid Milanka went […]
Sri Lanka inflation slows to 26.6 percent in July
July 31, 2008 (LBO) – Sri Lanka consumer inflation in the capital Colombo slowed to 26.6 percent in July 2008 from a record 28.2 percent in June, the government’s statistics office said. High inflation has also made it more expensive for companies to borrow. In the month of July prices rose 0.2 percent compared with […]
Australia, Myanmar as SAARC observers: Sri Lanka official
July 30, 2008 (LBO) – Australia and Myanmar would be admitted as observers of the South Asian Association of Regional Corporation (SAARC) at this year’s sessions, now underway in the Sri Lankan capital Colombo, an official said.Sri Lanka’s additional foreign secretary Prasad Kariawasam told reporters after a meeting of the so-called ‘standing committee’ of foreign […]
South Asian nations side-step regional trade pact amid frictions
July 30, 2008 (AFP) – South Asian leaders meeting in Sri Lanka this weekend will discuss improving commercial ties but political and other tensions have dampened hopes a regional free trade pact will be implemented any time soon, economists say. “It took the European Union 50 years to get the euro out. We’re still just […]
Sri Lanka plantations stocks draw investor interest
July 30, 2008 (LBO) – Sri Lankan stocks closed higher Wednesday driven up by gains in stocks with a heavy weighting on the indices and some renewed interest seen in plantations. But brokers said the upward momentum could be short-lived as economic conditions remained difficult given record inflation and high borrowing costs for companies. The […]
Sri Lanka Treasury Secretary asked not to resign
July 29, 2008 (LBO) – Sri Lanka’s Treasury Secretary P B Jayasundera, who submitted his resignation to President Mahinda Rajapaksa after a court order faulted him over a privatization deal, has been asked to continue in his position.The court said Jayasundera had acted in collusion with the current JKH chairman, Susantha Ratnayake, a director of […]