Reuters – Sri Lankan shares ended weaker on Thursday and turnover slumped to a near five-month low as investors stayed on the sidelines in the absence of fresh triggers. The day’s turnover was 119.5 million rupees ($740,397), the lowest since April 16 and about an eighth of this year’s daily average of 800 million rupees….
Reuters – Sri Lankan rupee hit a fresh low for the 13th straight session on Thursday, but ended firmer after the central bank cut the net open positions of commercial banks, dealers said. The local currency hit a fresh low of 162.65 per dollar during the day, hurt by stronger demand for the dollar from…
Corporates are visibly perturbed by the uncertainty clouding the macro landscape Sri Lanka’s long history of protests was upheld when railway unions decided to strike in mid-August, much to the displeasure of commuters. According to reports attributed to Sri Lanka Railways’ Additional General Manager (Operations), the Railways Department incurred a loss in excess of Rs….
Fitch Ratings has affirmed Sri Lanka-based National Insurance Trust Fund Board’s (NITF) National Insurer Financial Strength (IFS) Rating and National Long-Term Rating at ‘AA-(lka)’. The Outlook is Stable. KEY RATING DRIVERS The affirmation reflects the company’s strong domestic business profile, conservative investment mix as well as strong financial performance and capitalisation. This is partly offset…
Moody’s Investors Service says that the outlook for Sri Lanka’s banking system is negative, as the economy remains weak and asset quality is deteriorating. “The economy will only exhibit a modest rebound as the government’s high debt burden and reliance on foreign borrowings continue to limit public investment and pose the risk of capital outflows,”…
The latest Cabinet Decisions outlined that The Cabinet approved the proposal presented by Megapolis and Western Development Minister Patali Champika Ranawaka to award the contract to Access Engineering PLC to construct 450 housing units at K. Cyril C. Perera Mawatha near Bloemendhal area for total consideration of over Rs. 2.73 billion.
Sri Lanka’s Lanka Ventures PLC had proposes to invest US $ 10.8 million for a 45% equity stake in Feni Lanka Power Limited that will construct a 114 MW thermal power plant in Bangladesh under a 15-year power purchase agreement entered into with Bangladesh Power Development Board. In the latest annual review of the company,…
Reuters – Sri Lankan shares ended slightly weaker on Wednesday, snapping a five-session winning streak, on foreign selling. However, the day’s turnover was 365.5 million rupees ($2.25 million), much lower than this year’s daily average of 804.1 million rupees. The Colombo stock index ended 0.13 percent weaker at 6,120.29, slipping from its highest close since…
The Sri Lankan rupee fell to an all-time low on Wednesday with the selling price of the US Dollar reaching 163.3676 for the first time in the country’s history. The buying price has been recorded as 160.1636 according to the Central Bank of Sri Lanka (CBSL). This is considered as the first time in history…
In a recent report in India’s English Daily – Economic Times it is highlighted that “India’s southern neighbour Sri Lanka may plunge further into the Chinese debt trap with Colombo yet again turning to Beijing for fresh loans, which will come during the final quarter of 2018.” The Indian Economic Times report points out that…
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