Category: Markets
‘s political crisis puts IMF loan negotiations on hold
Nov 21, 2018 (LBO) – The International Monetary Fund (IMF) loan facility to Sri Lanka, approved in mid-2016, has been put on hold due to the islands prevailing political crisis, a foreign media report said. I The IMF approved the loan facility on the condition of comprehensive economic reforms. Speaking to media two weeks before the […]
‘s downgrades Sri Lanka ratings to B2 amid political crisis
Nov 20, 2018 (LBO) – Moody’s Investors Service has downgraded the Government of Sri Lanka’s foreign currency issuer and senior unsecured ratings to B2 from B1 and changed the outlook to stable from negative. The decision to downgrade the rating to B2 is driven by Moody’s view that ongoing tightening in external and domestic financing conditions and […]
Sri Lanka growth expected to recover to 4 – 4.5-pct in 2019: CB Gov
Nov 15, 2018 (LBO) – There are some positive signs with FDI and exports probably going to be record numbers this year and we envisage Sri Lanka’s growth to be somewhere between 4 -4.5 percent for 2019, the Central Bank Governor said. Growth is expected to remain below envisaged levels in 2018. As per the […]
Sri Lanka CB Chief confident of meeting debt repayment targets in 2019
Nov 14, 2018 (LBO) – Political uncertainty will not have an impact on Sri Lanka’s debt repayment preparations for 2019, the Central Bank Governor said. “Despite the uncertainty we have been operating with business as usual, ” Dr. Indrajit Coomaraswamy, Governor, Central Bank told reporters in Colombo, Wednesday. “CB is ready to cover the January 15th […]
John Keells Holdings (JKH) makes Rs11bn stock buyback offer
November 12, 2018 (LBO) – Shares of Colombo Stock Exchange market bellwether John Keells Holdings (JKH) were halted this morning pending announcement of a stock buyback. The company announced that it is making buyback offer for 5% of its outstanding shares at a price of Rs160/share. The price is over a 10% premium to the […]
Constitutional Crisis – Rs28bn foreign capital flees Sri Lanka in 2 weeks
November 9, 2018 (LBO) – Foreign selling of Sri Lanka’s stocks and bonds continued at a brisk pace in the second full week of Sri Lanka’s constitutional crisis. Net foreign selling of government securities was Rs9.9bn for the week, while net foreign selling of equities was Rs3.9bn. In the previous week the figures were strikingly […]
Sri Lanka Central Bank rejects recent news articles on increased money printing
Nov 07, 2018 (LBO) – Sri Lanka’s Central Bank on Wednesday rejected newspaper articles published about the increased money printing by the Central Bank in the past few days. The Central Bank says the concepts and facts in such articles remain grossly inaccurate and advised general public to refer to accurate technical articles that are […]
CSE & GRI announce next round of workshops for listed companies
The Colombo Stock Exchange (CSE) announces the next round of workshops on corporate transparency and sustainability to be conducted in partnership with the Global Reporting Initiative (GRI). The workshops are set to be conducted on 04th and 05th December 2018 at the Ramada Colombo. These interactive workshops, which will be exclusive to representatives of companies […]
Constitutional Crisis – Foreign exodus from CSE continues with Rs3bn sold today
November 5, 2018 (LBO) – Foreigners continued to exit the Colombo Stock Exchange (CSE) with net foreign selling of over Rs3bn on the day. With the accelerating exit by foreigners out of Colombo’s stock and bond markets, Sri Lanka’s constitutional crisis could very well turn into a financial crisis. Analysts say that the crisis (unless […]
Heavy trading in John Keells (JKH) with over 1.5% of company changing hands
November 5, 2018 (LBO) – Sri Lanka’s constitutional crisis has lit a fire under the counrty’s stock market sending trading volumes soaring. Trading at the Colombo Stock Exchange passed the Rs4bn (US$23mn) mark with the trading day nearing a close. Trading volume is being driven by transactions in market bellwether John Keells Holdings (JKH). Over […]
Mangala says Singapore Platts price of refined petrol down 12-pct since Oct 10
Nov 05, 2018 (LBO) – Mangala Samaraweera says that the Rajapaksa administration is attempting to revert to the opaque, politicized regime of fuel pricing that resulted in the CPC being landed with a huge debt which is eventually borne by taxpayers. Samaraweera said that there has been a 12 percent reduction in the Singapore Platts […]
Constitutional Crisis – close to $ 100mn flees stock/bond markets last week
November 4, 2018 (LBO) – In the first full week of Sri Lanka’s constitutional crisis, foreign investors in Sri Lanka’s capital markets ran for the exits with nearly US0mn leaving the stock/bond markets during the past week.For the year 2018, the total net foreign outflow from Sri Lanka’s stock and bond markets totals Rs117bn.This is […]