Category: Economy and Markets
Anilana (ALHP) reports another loss as east coast tourism struggles
June 21, 2018 (LBO) – Colombo Stock Exchange listed Anilana released financial results for the quarter and the year ended March 31, 2018.The loss for the quarter was Rs104mn, and the year was Rs330mn.These results are similar to the prior year where the company lost Rs276mn. Anilana was one of a few companies that made […]
Cabinet approval for electricity pricing mechanism expected by Sept: IMF
June 22, 2018 (LBO) – Cabinet approval for an automatic tariff adjustment mechanism for electricity under the 2015 tariff methodology is expected by September, an International Monetary Fund (IMF) report said. The 2015 tariff methodology introduces price stability by fixing tariffs over a period of six months, protecting end-users from volatility in the exchange rate, […]
Sri Lanka May inflation 2.1-pct, Up from April 2018
Jun 22, 2018 (LBO) – Sri Lanka’s headline inflation measured by National Consumer Price Index (NCPI) rose to 2.1 in May, the Census and Statics Department said Thursday. The NCPI decreased to 1.6 percent in April, lowest since February 2016, from 2.8 percent in March 2018. Compared to month-on-month changes, NCPI in May 2018 has increased […]
Colombo stocks snap losing streak, turnover weak
June 21, 2018 (LBO) – The stock market in Sri Lanka finally snapped a long losing streak finishing up slightly on the day. The major indices (ASPI and the S&P SL 20) both finished marginally in the green after spending most of the day in the red. Turnover was weak again at Rs416mn (US$2.6mn). Net […]
Sri Lanka’s unabated credit growth in real estate sector raises concerns: IMF
June 21, 2018 (LBO) – Sri Lanka’s significant credit growth for more than two consecutive years warrants attention, an International Monetary Fund (IMF) staff report released yesterday said. While a portion of this credit growth can be associated with financial deepening, loan concentration, notably in the real estate sector, raises concerns, the report added. The […]
Sri Lanka to develop internal air transport : 5 firms come forward
Jun 21, 2018 (LBO) – Sri Lanka’s government and cabinet of ministers has given the go ahead to carry out an overhaul in the domestic aviation industry and develop it. “Currently, no clear policy governing civil aviation exists, hindering development due to lack of conformity with international standards,” a cabinet statement said. To address the issues, […]
Opinion: Stock Brokerages in Sri Lanka should publish audited accounts on the CSE website
June 21, 2018 (LBO) – Choosing a stock broker in Sri Lanka can be a confusing process.There are 15 member firms and 12 trading member firms listed on the Colombo Stock Exchange (CSE) website. There is nothing else on the website that can help a potential client evaluate which is the best firm to transact […]
CM Port pays final tranche of USD584Mn for Hambantota Port
Jun 20, 2018 (LBO) – Sri Lanka’s government has received the final tranche of investment value for Hambantota Port concession from China Merchant Port Holdings Limited (CM Port), Wednesday. “This third and final tranche of US 584,194,800 dollars follows the 1st, a 2nd tranches released in December last year and January 2018,” the Sri Lanka […]
Hat Trick as Colombo stocks hit 2018 lows for 3rd straight session
June 20, 2018 (LBO) – Colombo stocks continued their decline hitting the 3rd consecutive day of new lows for 2018. The ASPI was down was down .76%, and the S&P SL 20 was down 1.23% on the day. The indices are down 2.4% and 6.6% on the year respectively. Turnover was an anaemic Rs341mn (US$2.1mn) […]
NDB Bank to raise Rs6.2bn in discounted rights issue
June 19, 2018 (LBO) – Colombo Stock Exchange (CSE) listed National Development Bank (NDB) announced a one for three rights issue to raise approximately Rs6.2bn. The purpose of the rights issue as stated in the CSE announcement is to: “further strengthen the equity base of the bank and thereby improve capital adequacy, and to part […]
Colombo Stock Exchange decides to delist Kalpitiya Beach Resort
June 19, 2018 (LBO) – Board of Directors of the Colombo Stock Exchange has decided to delist the securities of Kalpitiya Beach Resort subject to the approval of the Securities and Exchange Commission.In an announcement, Colombo Stock Exchange said the decision to delist the company is based on the following reasons.1. The shareholders of the […]
Another 2018 record low for Sri Lanka stocks
June 19, 2018 (LBO) – The Colombo Stock Exchange continued its slow bleed lower today hitting record lows for the second consecutive day in 2018. The All Share Price Index (ASPI), the market cap weighted index of all listed stocks, closed down .71% to 6265. The S&P Sri Lanka 20 index dropped 1.15% to 3473. […]