Markets

Sri Lanka stocks plunge amid foreign selling

Tuesday February 25, 2020 4:44 pm

ECONOMYNEXT- Sri Lanka’s stocks closed 1.14 percent lower on Tuesday, dragged down by index heavy Ceylon Tobacco Company, John Keells Holdings and LOLC Holdings, provisional data showed.

The All Share Price Index (ASPI) at the Colombo Stock Exchange closed 66.37 points down at 5,730.93.

The ASPI reached a daily high of 5,800.15 in the first hour of trading and fell for the rest of the day.

The S&P SL20 Index of more liquid stocks closed 1.44 percent or 39.91 points down at 2,731.39.

The market has now extended a retreat for the third day.

After global markets fell on Monday on fresh fears of the spread of the coronavirus globally, Asian markets put in a mixed performance.

Tokyo closed 3.3 percent lower, while Shanghai closed 0.6 percent lower, Bombay down 0.2 percent and Hong Kong gained 0.3 percent. European stocks showed gains at open on Tuesday.

In Colombo, market turnover was 591.7 million rupees with 30 stocks gaining and 119 falling. There was heavy foreign investor participation with 136.8 million in purchases and 233.8 million rupees in sales.

Index-heavy Ceylon Tobacco Company closed 20 rupees down at 1,120.00 rupees a share, contributing most to the ASPI’s fall.

Sri Lanka’s largest listed firm John Keells Holdings (JKH) closed 2.70 rupees lower at 149.90 rupees a share and financial conglomerate LOLC Holdings fell 6 rupees to 139.40 rupees a share, also pushing the ASPI down.

There was a 123.2 million rupee negotiated trade (crossing) in JKH’s supermarket and soft drink and ice-cream making unit Ceylon Cold Stores at a par 790 rupees a share.

A 22.7 million rupee crossing was seen in Sampath Bank at 163 rupees a share, the level at which the counter closed trading, 2.50 rupees down.

A 61.6 million rupee crossing was seen in Aitken Spence at 41 rupees a share, and the stock closed 50 cents down at 40.50 rupees a share.

The food, beverages and tobacco industry index, which was the most active, fell 1.05 percent.

Construction stocks fell 2.42 percent.
(Colombo/Feb 24/2020)

FILED UNDER: Sri Lanka Stocks

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Legal

Sri Lanka finding ways to clear 1.1mn pending cases: Justice Minister

Tuesday December 5, 2023 7:45 am

ECONOMYNEXT – Sri Lanka is taking a series of steps to speed up 1.1 million pending court cases and encourage alternative dispute solving mechanisms, Justice Minister Wijedasa Rajapakshe said.

“The delay in court cases is a serious problem,” Minister Rajapakshe told a briefing at the President’s Media Centre.

“We have already taken several steps to expedite cases.”

There were 5,680 cases in Supreme Court, 4,054 in the Court of Appeal, 6,168 in the High Court of Civil Appeal, 8,363 in the Commercial High Court, 28,000 in the High Court, 254,000 in District Courts and 791,000 in Magistrates Courts.

In 2015, only 49 percent of complaints to mediation boards were resolved. Following reforms, the ratio has been increased to 70 percent.

The value of disputes going to mediation board has been raised to one million rupees from 500,000 rupees.

To solve land problems in the post-war period, special mediation boards on property was set up in the North and the East.

Mediation boards on property will be set up in another 16 districts.

Commercial High Courts were increased to four from three.

Another Commercial High Court will be set up in the future. The consideration of cases that can go to a High Court was raised from 4 million rupees to 10 million rupees.

A commercial dispute resolution law will be introduced next January.

A small claims court has been established.

Case involving disputes below 2 million rupees can be directed to small claims court.

Markets

Sri Lanka stocks close up as some investor interest returns

Monday December 4, 2023 6:12 pm

ECONOMYNEXT – The Colombo Stock Exchange closed up on Monday, CSE data showed.

The All Share Price Index was up 0.22 percent, or 23.33 points, at 10,743.59.

The S&P SL20 index was up 0.68 percent, or 20.60 points, at 3,067.73.

Turnover was at 708 million. The banks sector contributed 189 million, while the food, beverage and tobacco sector contributed 176 million of this.

Sri Lanka’s stock market has seen some investor interest return after last week’s news that the country had managed an agreement on a debt restructuring deal with an official creditor committee, and foreign funds for some development projects resumed.

Top positive contributors to the ASPI in the day were Sampath Bank Plc (up at 71.50), LOLC Holdings Plc (up at 379.00), and Commercial Bank of Ceylon Plc, (up at 90.90).

There was a net foreign outflow of 52 million.

Citrus Leisure Plc, which announced that its banquet hall and revolving restaurant at the Lotus Tower would launch on or around Dec 9, saw its share price rise to 6.20 rupees. (Colombo/Dec4/2023).

Bonds & Forex

Sri Lanka rupee closes broadly steady at 328.10/30 to the US dollar

Monday December 4, 2023 5:24 pm

ECONOMYNEXT – Sri Lanka’s rupee closed at 328.10/30 to the US dollar on Monday, from 328.00/10 on Friday, dealers said.

Bond yields were stable.

A bond maturing on 01.06.2025 closed at 13.70/14.00 percent from 13.70/95 percent.

A bond maturing on 01.08.2026 closed at 13.90/14.10 percent from 13.90/14.05 percent.

A bond maturing on 15.01.2027 closed at 14.00/14.10 percent from 14.05/10 percent.

A bond maturing on 01.07.2028 closed at 14.20/35 percent from 14.15/25 percent.

A bond maturing on 15.05.2030 closed at 14.25/45 percent, from 14.20/45 percent.

A bond maturing on 01.07.2032 closed at 14.05/40 percent, from 14.00/45 percent. (Colombo/Dec4/2023)