Category: Economy and Markets
Sri Lanka shares slide, trading thin
Nov 26, 2008 (LBO) – The slide in Sri Lankan stocks picked up momentum slightly Wednesday, although volumes remained thin with the indices dragged down by losses in high value shares, brokers said. The market has also been affected by lower corporate profitability which is seen continuing given the current economic downturn. Fears of currency […]
Sri Lanka cuts reserve ratio to 7.75-pct
Nov 25, 2008 (LBO) – Sri Lanka has cut its statutory reserve ratio for commercial banks from 9.25 percent to 7.75 percent, releasing 17 billion rupees in cash to the banking system, the central bank said. The statutory reserve ratio (SRR) cut will release 17 billion rupees to the banking system when it becomes effective […]
Sri Lanka shares slide, Dialog actively traded
Nov 25, 2008 (LBO) – Sri Lankan stocks sank further Tuesday on thin volumes with active trading in Dialog Telekom, a market heavyweight which recently posted its first quarterly loss. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index fell 1.81 percent (29.94 […]
Sri Lanka shares head down, ignore battlefield gains
Nov 24, 2008 (LBO) – Sri Lankan stocks began the week on a dreary note with the market continuing its downward march Monday on low trading volumes and brokers saying the bearish trend could continue.Liyanage said investors were also shifting funds from equities to debt, where returns are higher, but find they are stuck in […]
Sri Lanka injects term money at lower rates; CB bill stock Rs109bn
Nov 24, 2008 (LBO) – Sri Lanka’s central bank has printed and injected money up to nine months at rates lower than its penal discount window to sterilize interventions in the forex market, the latest data showed. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The rupee […]
Sri Lanka state bank raises Rs4.2bn from bonds
Nov 24, 2008 (LBO) – Sri Lanka’s state-run Bank of Ceylon has raised 4.27 billion rupees from 5-year bonds in fixed and floating rates, issue managers Merchant Bank of Sri Lanka said. The debenture would be listed on the DEX board of the Colombo Stock Exchange. Bank of Ceylon has a ‘AA(lka)’ rating from Fitch.The […]
Gulf shares slump despite government moves
KUWAIT CITY, November 23, 2008 (AFP) – Most stock markets in the energy-rich Gulf slumped on the week’s opener Sunday as intervention by governments failed to restore sentiment among investors worried by global financial turmoil. Riyadh cut interest rates for the third time in six weeks, slashing the repo rate by one percentage point a […]
Obama readies economic team with New York Fed boss tipped for Treasury secy
WASHINGTON, November 22, 2008 (AFP) – The economic team of US president-elect Barack Obama came into view Friday as fears mounted on the global financial crisis and more mass job cuts loomed worldwide.Reports said Obama was set to appoint New York Federal Reserve chief Timothy Geithner as his Treasury secretary to take charge of fixing […]
China, India rising, but face bumpy ride: intelligence forecast
WASHINGTON, November 22, 2008 (AFP) – A new US intelligence forecast identifies China and India as rising heavyweights in a coming multi-polar world but says both face a potentially bumpy ride to the top.“Although we believe chances are good that China and India will continue to rise, their ascent is not guaranteed and will require […]
Sri Lankan stocks fall sharply in thin trading
Nov 21, 2008 (LBO) – Sri Lankan stocks fell sharply Friday with a small net foreign inflow although trading volumes were low in what share market analysts described as a delayed reaction to the plunge in global markets yesterday. Chemical Industries (Colombo) with 14.2 million rupees, and Lanka Lubricants with 12.9 million rupees topped the […]
Sri Lanka has a chance to attract shifting industries: economist
Nov 20, 2008 (LBO) – Sri Lanka has a chance to attract industries from advanced nations in the wake of current turmoil if the country can put its house in order with a longer term view and create a strong base for industry, an economist has said. To receive instant alerts from LBO on your […]
Sri Lanka high-value shares draw interest
Nov 20, 2008 (LBO) – Sri Lankan stocks closed virtually flat on Thursday with high-value stocks like John Keells Holdings drawing interest, brokers and analysts said. The Colombo All Share Price Index fell 0.33 percent (5.74 points) to end at 1,1711.78 while the Milanka index of liquid stocks fell 0.01 percent (0.23 points) to 1,927.21. […]