Markets

Sri Lanka stocks gain on food and beverage, banking

Tuesday August 13, 2019 4:29 pm

ECONOMYNEXT – Sri Lanka’s stocks closed 0.10 percent higher on Tuesday, pushed up by banking and consumer goods stock.

Colombo’s All Share Price Index (ASPI) closed 6.19 points higher at 5,949.30, gaining for the second consecutive day.

The index rallied past the psychological 6,000 mark to 6,016.76 in the first half hour of trade on Tuesday, before continuing to fall throughout the day.

The S&P SL20 Index of more liquid stocks closed 0.18 percent or 5.21 points up at 2,960.58.

The market turnover was 2.6 billion rupees with 81 stocks gaining and 72 stocks declining.

Four crossings (negotiated trades) in John Keells Holdings generated 348 million rupees in turnover and a single 23 million rupee crossing was seen in Commercial Bank.

Two thirds of the daily turnover was through John Keells Holdings (1.5 billion rupees) and Access Engineering (179 million rupees).

Brokers said that retail activity centred on Access Engineering, Tokyo Cement Company (Lanka) non-voting and Sampath Bank stock.

Lion Brewery Ceylon, Sri Lanka’s largest beer maker, closed 18.70 rupees up at 570.00 rupees a share contributing most to the ASPI.

The largest private lender Commercial Bank closed 1.20 rupees up at 109.10 rupees a share and multinational Nestle Lanka closed 21.30 rupees up at 1,321.40 rupees a share, also pushing the ASPI up.

(COLOMBO, 13 Aug, 2019)

FILED UNDER: Commercial Bank,Lion Brewery Ceylon,Nestle Lanka,Sri Lanka's stocks

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Economy

Sri Lanka exports down in April, trade deficit up from March, rupee stronger

Thursday June 1, 2023 7:05 am

ECONOMYNEXT – Sri Lanka’s exports fell 12.6 percent from a year ago to 849 million US dollars in April 2023, amid weaker external demand, while imports were down 15.8 percent to 1,431 million Us dollars, central bank data showed.

Exports also fell 1,037 million dollars in March 2023, amid seasonal effects.

The trade deficit expanded to 583 million US dollars in April from 412 million US dollars in March 2023. Imports were at 1431 million US dollars in April from 1,450 million dollars in March.

Imports can pick as tourism, worker remittances and net inflows to government go up.

The rupee continued to appreciate.

“Exchange rate showed a notable appreciation during April 2023 with the continued improvement in liquidity in the domestic foreign exchange market, the discontinuation of the daily guidance on exchange rates,” the central bank said.

Up to April exports were down 9 percent to 3.8 billion rupees and imports were down 28 percent to 5.2 billion rupees and the trade deficit was 1.4 billion rupees.

Investment goods imports were down in April amid a contraction in credit.

“Almost all types of goods listed under the three main investment good categories, namely machinery and equipment, building material and transport equipment, recorded a decline,” the central bank said.

Economy

Sri Lanka President discusses debt restructure, program progress with IMF

Thursday June 1, 2023 6:14 am

ECONOMYNEXT – Sri Lanka’s President Ranil Wickremesinghe has discussed progress of International Monetary Fund program and debt restructuring during a visit of Deputy Managing Director Kenji Okamura, statement said.

“The discussion primarily focused on the progress of the IMF program between Sri Lanka and the IMF,” a statement from President’s office said.

“Attention was also paid to the on-going debt restructuring negotiations.”

State Minister of Finance Shehan Semasinghe, Senior Advisor to the President on National Security and Chief of Presidential Staff Sagala Ratnayake was also in the meeting.

Secretary of the Ministry of Finance Mahinda Siriwardena, Central Bank Governor Nandalal Weerasinghe, Deputy Director of the International Monetary Fund Anne Marie Gulde, and Resident Representative IMF in Sri Lanka Sarwat Jahan, attended this event. (Colombo/June01/2023)

Energy

Sri Lanka cuts petrol to Rs318 a litre, kerosene to Rs245

Wednesday May 31, 2023 10:29 pm

ECONOMYNEXT – Sri Lanka has cut petrol 92-Octane by 15 rupees to 318 rupees a litre and kerosene by 50 rupees to 245 rupees a litre from midnight May 31, the Ministry of Energy said.

Petrol 95 Octane will be raised by 20 rupees to 385 rupees, and Lanka Super Diesel 4 Star Euro 4 will be raised by 10 rupees to 340 rupees a litre.

Lanka Industrial Kerosene will be cut by 60 rupees a litre to 270 rupees.

Kerosene which is similar to jet fuel is usually the most expensive fuel in international markets followed by diesel and petrol is usually the cheapest.

Kerosene which is substantially cheaper than diesel is also used by buses to cut costs. (Colombo/May31/2023)