Market tanks as investor sentiment turns sour

The Colombo Stock Exchange (CSE), which was on a extraordinary bull run, largely due to prevailing historically low interest rates in the country, tanked yesterday, with investor sentiment going south amid possible indications that the market regulator is becoming anxious over the credit exposure of some brokers on certain identified stocks. The benchmark All Share Price Index (ASPI) yesterday recorded the highest-ever single day slide in the mar

Govt. borrowings up on liquidity injections and loans from banks

The borrowings by the government from the Central Bank as well as the licensed commercial banks rose again in December, after some slowdown seen in November, following the settling of a US $ 1 billion sovereign bond in October.

BOI, CSE and Ceylon Chamber in major foreign investment push

To feature eminent line-up of speakers, presenters and panellists including policy makers and business leaders The Board of Investment of Sri Lanka (BOI), Colombo Stock Exchange (CSE) and Ceylon Chamber of Commerce (CCC) are set to organise a first-of-its-kind virtual investment forum to collectively promote direct and equity investment opportunities in Sri Lanka on 6th 7th and 8th April 2021.

Stocks down amid profit-taking

The Colombo Stock Exchange (CSE) took a breather yesterday with profit-taking by investors, which resulted in the benchmark index to end in red.

Tea industry eyes recovery in 2021 after lukewarm 2020

Sri Lanka’s tea industry ended the year 2020 on a dampened note as both production and exports witnessed a contraction compared to the previous year with the global pandemic leaving negative implications on the sector.

LOLC becomes most valuable firm on CSE

The Colombo Stock Exchange (CSE) yesterday saw a changing of the guard with the diversified LOLC Holdings dethroning the long-time top dog John Keells Holdings PLC (JKH) as the most valuable listed entity on the CSE.

RPCs, trade unions issued one-week ultimatum to reach wage deal

After securing the Cabinet nod to increase the daily minimum wage of plantation workers up to Rs.1000 under the provisions of the Wages Board Ordinance, Labour Minister Nimal Siripala de Silva has issued one-week ultimatum to Regional Plantation Companies (RPCs) and plantation sector trade unions to reach a consensus to implement the proposed wage hike through the collective bargaining process.

BOC, People’s Bank set to secure US $ 180mn AIIB loan

Sri Lanka’s state-run Bank of Ceylon (BOC) and People’s Bank (PB) are likely to secure a US $ 180 million loan from China-led Asian Infrastructure Investment Bank (AIIB), under sovereign guarantees.

Budget deficit hits Rs.1.3tn as revenues languish

Sri Lanka’s fiscal deficit for the first 10 months of 2020 expanded by nearly Rs.488 billion from the same period in 2019 as revenues, mainly coming from taxes declined. According to the latest fiscal data available from January through October, the government recorded a budget deficit of Rs.1, 317.2 billion compared to Rs.829.3 billion in the same period in 2019.

Market bull run continues; ASPI sets new all-time high

Turnover tops Rs.12.8bn amid highest number of trades carried out in a single day The Colombo Stock Exchange’s (CSE) phenomenal ascent continued yesterday also, renewing records set just the previous day and market turnover hitting double-digits.

Stocks hit new all-time high; ASPI crosses 8,000-point mark

Sri Lanka’s stocks yesterday hit fresh highs with benchmark All Share Price Index (ASPI) crossing the 8,000-point mark for first time in Colombo Stock Exchange’s (CSE) 35-year history amid more than dozen Hayleys group companies announcing share splits.

Merchandise exports flirt with US $ 10bn surpassing target

Sri Lanka has recorded an income of US $ 9.9 billion from merchandise exports in 2020, surpassing the US $ 9.5 billion new target set in the middle of the year, after the pandemic crippled trade flows, forcing the authorities to revise down the US $ 13.5 billion target set at the beginning of the year.

Dovish Central Bank introduces small biz lending targets

While deciding to keep policy rates unchanged at the maiden policy meeting held for this year on Monday, the Monetary Board of the Central Bank yesterday announced the introduction of lending targets for small business to accelerate the money flow into the productive economy.

Stock market bull run continues; ASPI hits all-time high

The indices at the Colombo Stock Exchange (CSE) entered new territory yesterday, breaking all the previous records, while recording over Rs.12 billion turnover for the second consecutive day, amid heightened market activity.

Plantation sector wage deal hits deadlock

With the latest attempt to reach a consensus between Regional Planation Companies (RPCs) and trade unions on a wage structure to grant Rs.1, 000 minimum daily wage to plantation workers bearing no fruit, Labour Minister Nimal Siripala de Silva is looking forward to seek the approval of the Cabinet of Ministers this week to grant the proposed wage increase under the provisions of the Wages Board Ordinance.

Stock market steams ahead amid local investor bullishness

The Colombo Stock Exchange (CSE) continued its bull run full steam ahead yesterday, smashing records and setting new ones, amid tremendous local investor bullishness, though foreigners continued to keep away.

South Asia’s largest tyre factory declared open

The first phase of South Asia’s largest tyre manufacturing plant, Ferentino Tyre - which was formerly known as Rigid Tyre - was opened by President Gotabaya Rajapaksa yesterday.

President clears the air on East Container Terminal

President Gotabaya Rajapaksa yesterday stressed that the East Container Terminal (ECT) of the Colombo Port would not be sold or given on lease to any outside party.

Poor show of rubber plantations set to jeopardise entire sector

The continuing poor performance of rubber plantations could pull down the entire industry in the near future, including the manufacturers who are making steady progress, unless new strategies are conceptualised, a senior industry representative said.

LanwaSanstha to commission US $ 75mn cement plant this May

LanwaSanstha Cement Corporation Limited expects to commission the operations of its US $ 75 million state-of-the-art cement manufacturing cement plant in May this year, adding three million metric tonnes (MT) to Sri Lanka’s cement output.

Cabinet decision sought to overcome plantation sector wage stalemate

Amid continuous opposition from the Regional Plantation Companies (RPCs) to implement the proposed Rs.1, 000 daily wage for plantation workers, Labour Minister Nimal Siripala de Silva is expected to present a proposal to the Cabinet of Ministers today compelling the RPCs to grant the wage increase.

Indian Foreign Minister interacts with captains of local biz and industry

Indian External Affairs Minister Dr. S. Jaishankar on Thursday interacted with the captains of Sri Lankan business and industry that represented prominent business conglomerates and manufacturing entities in the country.

Fresh health guidelines issued to resume tourism

The local tourism sector was issued with a fresh set of health guidelines this week to accommodate international travellers in the coming months with the anticipated opening up of the country’s airports for tourism by end of this month.

Tea output projected to recover this year

Sri Lanka’s tea output is projected to recover this year, following an estimated 10 percent or 30 M/Kgs year-on-year (YoY) decline in the output in 2020, mainly due to the adverse weather conditions prevailed in the country, according to Forbes & Walker Tea Brokers.

World Bank forecasts 3.3% economic growth for Sri Lanka this year

The World Bank projects Sri Lanka’s economy to grow at the modest rate of 3.3 percent this year before decelerating to 2 percent in 2022, the global lender said in its January 2021 Global Economic Prospects report released this week.

Central Bank sees need for continuous interventions to support economy

With Sri Lanka’s economy estimated to have recorded a contraction in 2020, the country’s Central Bank (CB) yesterday assured continuous monetary and fiscal interventions to support the economy to regain its “lost momentum” to the COVID-19 pandemic and to return to the envisaged high growth path.

SOE losses surge as State banks’ profits swoon

Losses of State-owned enterprises (SOEs) spiked to Rs.10.4 billion in the eight months to August, 2020, from a combined loss of Rs.1.1 billion in the whole of 2019, predominantly due to the earnings swoon in key State-run banks and the insurance company.

Inflation accelerates in December to 4.2%

Headline inflation, as measured by the year-on-year (YoY) change in the Colombo Consumer Price Index (CCPI) increased marginally to 4.2 percent in December 2020 from 4.1 percent in November 2020.

Colombo stocks mark turnaround in 2020

The Sri Lankan stock market ended 2020 on a positive note yesterday, marking a year in which the Colombo Stock Exchange (CSE) has seen indices indicate noteworthy resilience and attract record-breaking levels of trading activity.

Tourism industry says everything under control

Stakeholders of Sri Lanka’s tourism industry yesterday assured that the ongoing pilot project carried out as a first step towards re-opening the country for tourists, is going ahead as planned despite some expected hiccups, for which appropriate courses of action has been planned out.