Category: Economy and Markets
Sri Lanka stocks recover
Aug 19, 2008 (LBO) – Sri Lankan stocks recovered some lost ground Tuesday largely on gains in Sri Lanka Telecom but on thin volumes with more trading again seen in Chemical Industries (Colombo) (CIC), brokers said. The All Share Price Index closed up 0.40 percent (9.72 points) at 2,438.61 while the more liquid Milanka rose […]
Sri Lanka industrial exports plunge in June
Aug 15, 2008 (LBO) – Sri Lanka’s industrial exports plunged 9.3 percent in June 2008, with the key apparel sector slumping 8.9 percent, though total exports for the first six months still showed positive growth. “In fact, I cannot recall a time where I have seen such a striking dichotomy between global commodity and credit […]
Hub Race
Aug 15, 2008 (LBO) – Sri Lanka’s hub port of Colombo is facing growing competition from other harbours in the region which are being built up to grab a bigger share of India’s increasing trade, industry officials said. The latest threat comes from the south Indian port of Chennai which has just called for fresh […]
Sri Lanka says South Asia should cross-invest forex reserves
Aug 15, 2008 (LBO) – South Asian nations should look at re-investing foreign exchange reserves in each others’ countries instead of buying low yielding securities in developed nations, Sri Lanka’s central bank governor Nivard Cabraal said.“Our foreign reserves are bridging the fiscal deficit of developed countries at low rates,” Governor Cabraal told a gathering of […]
Sri Lanka stocks pulled down by fall in Dialog
Aug 14, 2008 (LBO) – Sri Lankan stocks lost more ground Thursday, dragged down mainly by the fall in the price of heavyweight Dialog Telekom after it reported sharply lower profit for the June quarter, brokers said. The All Share Price Index closed down 0.65 percent (15.98 points) at 2,435.25 while the more liquid Milanka […]
Sri Lanka 3-month treasury yield falls
Aug 14, 2008 (LBO) – Sri Lanka’s 3-month Treasury bill yield fell 36 basis points to 16.73 percent with some bids being rejected, the government’s debt office said.Other bids were rejected. The 6-month yield fell 7 basis points to 18.37 percent with the government raising 2.1 billion rupees and the 12-month yield was flat at […]
Sri Lanka stocks almost flat
Aug 13, 2008 (LBO) – Sri Lankan stocks remained virtually flat Wednesday while retail activity intensified on certain counters on speculative trading, brokers said. The All Share Price Index closed 0.17 percent (4.05 points) higher at 2,451.23 while the more liquid Milanka fell 0.33 percent (9.69 points) to 2,884.58. Turnover was 293.95 million rupees with […]
Sri Lanka shares sag again
Aug 12, 2008 (LBO) – Sri Lankan stocks lost more ground Tuesday on thin volumes as the market returned to its becalmed state with investors staying away. The All Share Price Index closed down 0.70 percent (17.29 points) at 2,447.18 while the more liquid Milanka fell 1.12 percent (32.73 points) to 2,894.27. Turnover was just […]
‘s Law comes alive in Sri Lanka amid high inflation
Aug 11, 2008 (LBO) – Sri Lanka is melting its coinage and minting less valuable coins amidst booming commodity prices and rising inflation at home, continuing a tradition of monetary debasement that dates back to ancient monarchies. By collecting the Nickel/brass and Cupro/Nickel coins in circulation and shipping them to the minter for melting and […]
Sri Lanka president seeks funding from China Exim Bank
Aug 11, 2008 (LBO) – Sri Lanka’s president Mahinda Rajapaksa has discussed further funding from China’s Export Import Bank to expand a coal power plant, a highway and a bunkering project, the foreign ministry said. China is building a port in the southern Sri Lankan town of Hambantota, which is President Rajapaksa’s home constituency. President […]
Sri Lankan shares weaken
Aug 11, 2008 (LBO) – Sri Lankan stocks closed weaker Monday with the indices dragged down by falls in John Keells Holdings and Distilleries, brokers said.The All Share Price Index closed down 0.08 percent (2.09 points) at 2,464.47 while the more liquid Milanka fell 0.16 percent (4.72 points) to 2,927.00. Turnover was just 143 million […]
Sri Lanka activist seeks removal of Central Bank member: report
Aug 10, 2008 (LBO) – An activist who went to court against a privatization deal has sought the removal of a member of the rate setting committee of Sri Lanka’s central bank who was faulted in a court ruling, a media report said.The Sunday Island newspaper said lawyers to left-leaning politician Vasudeva Nanayakkara had written […]