Category: Economy and Markets
Sri Lanka shares becalmed, Nawaloka in demand
May 07, 2010 (LBO) – Sri Lankan stocks closed almost flat Friday with Nawaloka Hospitals heavy traded after it sold a stake in a debt-ridden hotel, and better March quarter earnings boosting investor sentiment, brokers said. The All Share Price Index closed at 4,223.13, up 0.08 percent (3.53 points) while the more liquid Milanka index […]
Sri Lanka allows forex accounts for overseas service providers, employees
May 07, 2010 (LBO) – Sri Lankan companies providing a range of international services and their employees earning foreign exchange income can open foreign currency accounts at commercial banks from Friday, the central bank said. Companies and individuals providing the following categories of international services and their employees can open foreign currency accounts: Accountancy, tax […]
Sri Lankan stocks close flat
May 6, 2010 (LBO) – Sri Lankan shares closed flat Thursday as price drops on selected high value shares were compensated by price gains on small and midcap stocks, brokers said. This created a buying spree from retail investors who expect Nawaloka Hospitals financials to improve in coming quarters, brokers said. In a privately negotiated […]
Sri Lanka creates more state jobs, but costs mount
May 05, 2010 (LBO) – Sri Lanka’s expanding state has created more jobs in recent years but costs are mounting with 57. 6 cents out of every tax rupee being taken home by workers as salaries and pensions last year, official data shows. In 2009 Sri Lanka had increased state workers by a net 61,856, […]
Sri Lankan stocks close 0.3-pct up
May 05, 2010 (LBO) – Sri Lankan stocks closed 0.34 percent higher Wednesday as investors scrambled for Nawaloka Hospitals shares after it sold a large stake of Galadari Hotel which had hurt the hospital group’s balance sheet earlier, brokers said. The All Share Price Index closed at 4,219. 76, up 14.25 points while the Milanka […]
Sri Lanka Treasuries yields fall
May 05, 2010 (LBO) – Sri Lanka Treasury bill yields eased at Wednesday’s auction despite the government raising an additional billion rupees than the maturing stock, the government’s debt office said. The 3-month yield fell 16 basis points to 8.24 percent with only a billion rupees of bill being sold and the 6-month yield fell […]
Sri Lanka appoints new deputy finance minister
May 05, 2010 (LBO) – Sri Lankan president and finance minister Mahinda Rajapaksa has appointed Sarath Amunugama, a former cabinet minister, as deputy minister of finance and planning, the president’s office said in a statement. Amunugama was among four cabinet ministers and six deputy ministers sworn in Wednesday following parliamentary polls in April won by […]
Sri Lanka tax reforms, economically sound budget awaited by IMF
May 04, 2010 (LBO) – The International Monetary Fund is looking for an economically sound budget for Sri Lanka this year with tax reforms to cut the deficit as it starts discussions to resume a deal with the island, an official said. Sri Lanka’s government got parliamentary approval to spend money until April amid two […]
Sri Lankan stocks close 0.32-pct down on profit taking
May 04, 2010 (LBO) – Sri Lankan stocks closed down Tuesday as retail investors took profits ahead of a possible short term correction, while Horana Plantations, Nawaloka Hospitals and debutant Vallibel Finance were heavily traded, brokers said. Nawaloka Hospitals closed at 5. 50 rupees, up 60 cents with over 25 million shares traded, brokers said. […]
Sri Lankan stocks close up 0.72-pct
May 03, 2010 (LBO) – Sri Lankan stocks passed 4,200 points Monday as price gains on selected high values shares pushed the market up, while Janashakthi Insurance and Commercial Bank trades helped turnover pass 3. 0 billion rupees, brokers said. Commercial Bank closed at 239.75 rupees, up 25 cents with 5.0 million shares traded, Hatton […]
Sri Lanka top economists, poll, back IMF fiscal restraint: report
May 02, 2010 (LBO) – Top Sri Lankan economists and a poll by an influential newspaper has backed the revival of a stalled International Monetary Fund deal to discipline government spending and preserve economic stability. A poll by Sri Lanka’s by the Business Times, a part of Sri Lanka’s The Sunday Times an influential English, […]
‘s Union Bank gets Malaysian, US capital, plans IPO
May 01, 2010 (LBO) – Union Bank (UB), has inked a deal to raise 1.5 billion rupees in capital from Genting Group, a Malaysian conglomerate and Shorecap, a US based banking fund and is hoping to go public within an year, an official said. “Genting is giving 1.0 billion (rupees), Shorecap 500 million rupees,” Union […]