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CSE consolidates gains on heavier trading volume
May 18, 2022 (LBO) – Colombo stocks consolidated gains after a recent sharp three day rally. Major indices finished down slightly on the day but are still up over 10% in the last week. For the first time during the recent upsurge, daily trading reached a value of approximately US$10mn. This level of volume would […]
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May 17, 2022 (LBO) – The stock market in Sri Lanka continued its surge for the third consecutive day, with the two major indices finishing up in the range of 5-6% on the trading session. Volumes continued to be relatively light, with less than US$10mn worth of stocks traded on the day. In the last […]
Prime Minister proposes to privatize SriLankan Airlines
Sri Lanka’s Prime Minister Ranil Wickremesinghe said that he proposes to privatize loss-making SriLankan Airlines. SriLankan Airlines has been fraught with challenges over the past three years starting with the Easter Sunday attacks in April 2019 that led to a decline in tourist arrivals in the immediate aftermath, followed by the onset of the pandemic […]
Message by UN Resident Coordinator in SL on Day of Vesak
On behalf of the Secretary-General and the United Nations Country Team in Sri Lanka, I send my warmest wishes to all celebrating the Day of Vesak. “Hatred is, indeed, never appeased by hatred in this world. It is appeased only by loving-kindness.” As Sri Lanka and the world journey through these troubled times, may this […]
Public clamours for Harsha de Silva to join government
May 15, 2022 (LBO) – Sri Lanka’s twittersphere has seen a surge in activity due to the recent political and economic crises. Events reached a crescendo as violent rioting transitioned into the the surprising outcome of Prime Minister Ranil Wickremesinghe being sworn in for the 6th time. Perhaps the most significant presence on Twitter in […]
Business leaders think Ranil should be supported
May 13, 2022 (LBO) – Business leaders in Sri Lanka say the new Prime Minister Ranil Wickremesinghe should be given a chance to resuscitate the economy. Wickremesinghe was appointed to replace Mahinda Rajapaksa, taking many political leaders by surprise and leaving them scrambling to respond. Much of the response from opposition parties was negative as […]
Sri Lankan mutual funds’ outflows rise amid economic turmoil: Fitch
The Sri Lankan mutual fund industry experienced large outflows in March 2022 with total assets under management (AUM) shrinking by more than 8% to LKR178 billion (around USD0.5 billion), based on Unit Trust Association of Sri Lanka (UTA) data, Fitch Ratings says in a new report. The country’s economic and social instability may have driven […]
ComBank Group navigates devaluation impact in complex Q1 performance
Total assets cross Rs 2 Tn., first private sector bank to achieve the milestone Mainly influenced by Rupee devaluation, loan book grows by Rs 133 Bn., deposits by Rs 234 Bn. in 3 months 3-month net operating income up 66% to Rs 28.3 Bn. Posts other operating income of Rs 11.3 Bn. primarily from realized […]
Ranil Rally – stocks up another 5%
May 13, 2022 (LBO) – Sri Lanka’s main stock market indices continued their surge finishing the day up another 4-5%. This comes on the back of yesterdays 3-4% gains on speculation that Ranil Wickremesinghe would be sworn in as Prime Minister for the 6th time. As Wickremesinghe assumed duties at the Prime Ministers Office today, […]