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Thread for News on CSE and SL Economy

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Post by The Invisible on Mon Jul 29, 2019 2:59 pm

Teejay Lanka, Sri Lanka banks in EPF buy list

ECONOMYNEXT- Sri Lanka's largest pension fund, the Employees' Provident Fund, which is managed by the central bank, has invested in Teejay Lanka Plc and private banks after its initial investment in Dialog Axiata Plc in the June quarter, data showed.

Amid the lowest valuations in the Colombo Stock Exchange (CSE) in seven years after the Easter Sunday bombings, the EPF, which manages 2.3 trillion rupees in assets, re-entered the market in 2019, investing over 2 billion rupees in the June quarter.

EPF's purchase of 55 million of Dialog Axiata shares for around 495 million rupees in mid-May helped re-kindle interest in the stock market.

Official data as at end-June showed that the investment in Dialog had increased by 56.3 million shares or 513 million rupees from end-March.

The EPF had also invested in Teejay Lanka, an export firm, for the first time, buying 384,849 shares (0.05 percent of total Teejay shares) worth 12.04 million rupees.

The central bank triggered monetary instability after juggling with conflicting external and internal anchors, triggering runs on the rupee which sharply depreciated the currency in 2018.

But the monetary authority has been on a depreciating path under a real effective exchange rate targeting exercise.

Depreciation gives a subsidy to exporters at the expense of society by cutting real wages. In Sri Lanka lack of market pricing of utility prices gives an additional subsidy.

Central Bank Governor Indrajit Coomaraswamy, speaking to EconomyNext after the EPF's first foray into the market, said that the fund was buying from a small list of stocks.

The fund's target is to increase its portfolio of stock investments from 3 percent of total assets to 6 percent.

The EPF had also bought into several banks. Though monetary instability in 2018 led to a spike in bank loans, central bank deposit rate cuts are helping bank profits.

The EPF had invested 1.5 billion rupees in Commercial Bank, Sampath Bank, Hatton National Bank and Seylan Bank in the June quarter.

The largest investment in the banks was 1.1 billion rupees in Sampath Bank, amid a rights issue of the firm.

Despite a mish-mash of conflicts of interest in a central bank managing an equity fund which invests in the domestic market, current Governor Coomaraswamy had overhauled the governing process after allegations of earlier mis-management.

Coomaraswamy had said that while many banks are likely to opt for rights issues to improve their capitalisation, the EPF will only subscribe to rights if fundamentals are right.

Sampath Bank shareholders did not subscribe to all the rights issue leading to the board seeking new investors to buy rights.

The government controls private banks through both the EPF and other state institutions.

Coomaraswamy had also said that he was personally against the EPF investing in banks, as it allows the central bank, which is the financial sector regulator, to also control the institutions.

Coomaraswamy said additional measures including putting the EPF under Deputy Governors who had no role over banks will be considered.

Meanwhile, data showed that the EPF had fully sold its stakes in Browns Capital Plc and Browns Investments Plc.

The data did not show how much the 104,900 Browns Capital and 2.1 million Browns Investment shares were sold for.

The EPF had bought the shares in the two firms for 4.2 million rupees, but they were worth 3.5 million rupees as at end-March.

The two firms had merged in March.

Sri Lanka's stocks had started to recover over the past few weeks. The EPF has a large list of stocks, which its managers have to track to effectively manage the agency, including speculative stocks bought when governance was weak.

There have been calls for independence management of EPF especially due its investment in bonds. There have been concerns that due to central bank's obligation to sell bonds for the Treasury it may be buying bonds below market price as a so-called 'captive' investor. (Colombo/Jul28/2019, Updated Jul28/08:36- Added merger of Browns Capital and Browns Investments)
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Post by nihal123 on Tue Jul 30, 2019 1:02 pm

රු. බිලියන 3.7ක බැඳුම්කර විදෙස් ආයෝජන සතියක දී ඉවතට
July, 30, 2019

2019 ජූලි 24 දින වන විට රජයේ සුරැකුම්පත් ආයෝජනවල විදෙස් හිමිකාරීත්වය රු. මිලියන 142,310 ක් බව ශ්‍රී ලංකා මහ බැංකුව විසින් ප්‍රකාශයට පත් කරන ලද නවතම වාර්තාවකින් දැක්වේ.

2019 ජූලි 17 දින වන විට මෙම වටිනාකම රු. මිලියන 146,052 ක් ලෙසින් වාර්තා වේ. මේ අනුව 2019 ජූලි 17 - 24 සතිය තුළ දී රු. මිලියන 3,742 ක ආයෝජන රජයේ සුරැකුම්පත් වෙළෙඳපොළෙන් පිටතට ගලා ගොස් තිබේ.

ශ්‍රී ලංකා මහ බැංකුව විසින් නිකුත් කරන ලද 2019 මැයි මාසයේ විදේශීය අංශයේ ක්‍රියාකාරීත්වය පිළිබඳ වාර්තාවෙහි සඳහන් වන පරිදි වසරේ මුල් මාස 05 තුළ දී සමුච්ඡිත පදනම මත ඩොලර් මිලියන 90 ක ශුද්ධ ගෙවීමක් රජයේ සුරැකුම්පත් වෙළෙඳපොළෙන් වාර්තා වී ඇත.
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Post by ruwan326 on Wed Jul 31, 2019 6:46 am

Sri Lanka stocks in correction after five day rally

Jul 30, 2019

Sri Lanka's stocks fell 0.72 percent on Tuesday, ending a five day rally amid higher volumes, brokers said.

The All Share Price Index (ASPI) closed 43.45 points lower at 5,951.75 amid high volatility, reaching a daily high of 6,045.29 in the first half hour of trading and then falling to an intra-day low of 5,930.17 over the next hour.

The benchmark index had closed at a 6-month high of 5,995.20 on Monday after gaining 335.43 points in five straight days.

The more liquid S&P SL20 Index closed 0.85 percent or 25.83 points lower at 3,024.99 on Tuesday.

Market turnover was 2.2 billion rupees, with 55 stocks gaining and 126 falling.

Strong rallies are usually followed by corrections. In the early days of the rally, volumes were thin, more selling came in the last two days, brokers said.

Punters of margin were also sitting on profits and were willing to sell, brokers said. When the market turns, those on margin were also likely to sell.

Sri Lanka's economy is recovering from a currency collapse in 2018 and the central bank has also used it coercive power to enforce controversial deposit rate cuts, making stocks an alternative option especially for people who are not poor unlike small bank depositors, analysts have said.

There was heavy foreign participation with net inflows of 274 million rupees into the market.

There were crossings (negotiated deals) worth 283 million rupees in John Keells Holdings, 135 million rupees in Melstacorp.

Sri Lanka's largest beer producer, Lion Brewery Ceylon, contributed most to the ASPI fall, closing 49.50 rupees down at 550.50 rupees a share.

Sri Lanka Telecom closed 1.70 rupees down at 29.60 rupees a share, while Commercial Bank closed 2.10 rupees down at 111 rupees a share and Sampath Bank closed 4.10 rupees down at 175.50 rupees a share, also pushing the ASPI down.

https://economynext.com/Sri_Lanka_st...3-15314-3.html
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Post by NIRMALSG on Wed Jul 31, 2019 6:19 pm


Sri Lanka tourist arrivals picking up; 80% increase in July from June



While Sri Lanka suffered a setback in tourist arrivals after the Easter Sunday attacks tourist arrivals are seen picking up month-on-month. The numbers are reversing on a positive note with arrivals up by 80% in July from June, says Sri Lanka Tourism Promotion Bureau Chairman, Kishu Gomes.

“In May our numbers went down to 37,000 tourists that was a daily average of 1260. But in June we managed to record a month on month growth of almost 67%. Our numbers went up to 63,000 in June and in July with the actual numbers we recorded up to 25th and the forecast we have done for the rest of the month, the realistic number is going to be 117,000 so from June to July the percentage increase would be over 80%. So by all means it is a good rate of recovery and if you compare our rate of recovery with the recoveries that have been made by some of the other destinations following similar calamities we can all be happy that our progress is much better than the progress the other countries have been able to achieve,” Gomes said.

“We believe at this rate the year end figure will be between 1.9 million to 2 million where the drop will be less than 30%,” he added.
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Post by The Invisible on Fri Aug 02, 2019 3:09 pm

Tata Housing completes Rs7bn urban re-housing apartments in Sri Lanka

ECONOMYNEXT - India's Tata Housing has completed the construction of a 7,000 million rupee high rise complex with 626 housing unit and 114 shops in Sri Lanka's capital Colombo.

Over 5 years ago, Sri Lanka's then government took over land of an underserved community and nearby dwellings which also included freehold land, in a state-backed urban development project.

Minister Ravi Karunayake had said that five years ago when people were removed from their homes, he had played a role to intervene and the housing in the vicinity. At the time he was in the opposition.

Critics have pointed out that that Sri Lanka's Urban Development Authority, originally set up by Wickremesinghe's United National Party, has draconian powers to expropriate private land.

Homes of people can not only be taken over for public purposes (eminent domain) to build common facilities like roads, but also for resale to businesses for commercial purposes. (Colombo/Aug02/2019)
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Post by The Invisible on Fri Aug 02, 2019 3:10 pm

Sri Lanka eyes US$500mn equivalent Samurai bond: PM

ECONOMYNEXT - Sri Lanka is planning to raise at least 500 million US dollar equivalent from a yen denominated bond, Prime Minister Ranil Wickremesinghe has said.

"From Japan bond markets we are trying to get at least 500 million from Samurai bonds," Wickremesinghe said at a forum in Colombo on August 01.

Sri Lanka wants to raise extra money in 2018 to repay debt since 2019 is an election year, Central Bank Governor Indrajit Coomaraswamy said.

Sri Lanka sold US dollar denominated sovereign bonds twice this year.

The Yen denominated bond is expected to coupled with a Yen to Dollar foreign exchange swap.

Sri Lanka does not have a floating exchange rate and is loosely pegged to the US dollar. (Colombo/Aug02/2019)
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Post by The Invisible on Fri Aug 02, 2019 3:12 pm

Sri Lanka plans price formula for wheat flour after building oligopoly

ECONOMYNEXT - Sri Lanka's government which had blocked free competition in wheat by taxing milled flour at a higher rate than raw grain to give excessive profits to an milling oligopoly is now planning to bring a price formula.

"We will be introducing a pricing formula for wheat flour," Acting Minister of Industry and Commerce Buddhika Pathirana said.

"It will be similar to the price formulas already in place for milk powder, diesel and petrol."

Sri Lanka's government charges an import duty of 15 percent (or Rs 12 per kilogram) a 7.5 percent port and airport levy and 2 percent nation building tax on wheat grain.

But wheat flour is charged an import duty of 15 percent (or Rs16 per kilogram) a, 7.5 percent PAL, a 2 percent NBT and a 15 rupee cess tax (25 rupees until November 2018) on a kilo of wheat flour giving a massive profit to the two mills.

Before the second mill was established, there was absolute monopoly.

Instead of freeing the import of wheat flour, which would end the state-sponsored oligopoly and generate competition, attempts are now being made to bring a 'price formula'.

"Some felt that because there are only two wheat flour mills, established on old agreements, that they could raise prices whenever they wanted," Minister Pathirana claimed.

"The Attorney General said that they cannot raise prices just because they want to, and this was communicated to the two firms."

"After that, for the first time in history, the mills reduced prices faster than they raised prices."

The two wheat mills had decided to raise flour prices by 8 rupees in mid-July and had later agreed to reverse the increase, following government intervention.

The country's eateries had lobbied the government to reduce flour prices.

In the past decade Sri Lanka has taxed wheat flour to make it less affordable compared to rice as well as to give large profits to millers, critics say.

Meanwhile the state is also bringing in a price formula for milk powder in which there is generally a free market. (Colombo/Aug02/2019)
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Post by The Invisible on Sat Aug 10, 2019 10:51 am

Sri Lanka forex reserves drop in July to US$8.34bn

ECONOMYNEXT - Sri Lanka's gross official foreign reserves dropped 421 million US dollars during the month of July 2019 to end at 8,243.9 million US dollars, official data showed.

Gross official reserves are made up of Treasury's dollar balance and central bank monetary reserves which are tied to the pegged reserve money of the country.

Drops in Treasury reserve come from debt repayments and do not reflect any balance of payments trouble.

Balance of payments trouble come from printing money to resist a contraction of the pegged money supply through the outright purchases of Treasury bills or reverse repurchase auctions.

In July the central bank's Treasury bill stock came down from 124 billion rupees to 126 billion rupees, indicating that the monetary authority was mopping up inflows.

However in August the central bank had injected at 14.9 billion rupees to resist a contraction of the monetary base from a weak-side convertibility operation of the peg at rate close to a floor rate of the policy corridor. (Colombo/Aug09/2019)
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Post by The Invisible on Sun Aug 11, 2019 10:43 am

Central bank buys US$129mn to peg rupee in July

ECONOMYNEXT - Sri Lanka's central bank has bought 129 million US dollars to peg the rupee to the US dollar with a strong side convertibility undertaking of a soft-pegged exchange rate regime, official data shows.

The central bank has generally deployed a strong-side CU (prevent appreciation of the rupee) in 2019, as bank credit weakened and credibility of the peg was restored with exporters no longer holding back dollars and importers panicking, though there is some capital exits from rupee bond markets.

In June the central bank also bought 87.5 million US dollars to enforce a strong side CU, generating excess liquidity in money markets.

Excess liquidity in money markets coming from weak private credit has lowered short term rates, and the central bank has lowered its policy corridor as rates moved towards the standing deposit rate or floor rate of the corridor.

By steadily mopping up inflows through the sell down of central bank held Treasury bills, the monetary authority has the ability to enforce a strong side CU build up reserves and generate further surpluses of dollars.

Sri Lanka's central bank now operates a highly unstable peg with inconsistent policy which it calls a 'flexible exchange rate' which has brought balance of payments crises in quick succession, killing growth and panicking exporters and importers by trying to enforce a weak-side CU without a floating interest rate, critics have said.

The central bank operates several weak side CUs including explicit forward exchange guarantees (swaps), an undertaking to prevent a 'disorderly adjustment' of the exchange rate without a floating policy rate to enforce it.

Due to a ceiling policy rate the central bank prints money soon after buying dollars in a bid to enforce a strong side convertibility undertaking engineering a collapse of the exchange rate, analysts have showed.

Analysts have called for the policy corridor to be wide, so that short term rate will quickly move up and nip any exchange rate pressure in the bud, before exporters and importers panicked.

In 2019, there are some concerns that government borrowings will spike amid weak revenues.

There have been calls to criminalize certain actions of the domestic operations department, which prints money at below the ceiling policy rate, injects money recklessly to maintain excess liquidity despite dollar outflows, due to an apparent obsession with short term rates.

It also halted sterilization auctions suddenly in February 2018, ending monetary stability that has been maintained throughout 2017, helping trigger and economic recovery, critics have said.

In 2018 money was also injected through so-called Soros-swaps to worsen monetary instability..

In an upcoming reform to monetary law printing money through direct purchases of Treasury bills from through so-called provisional advance are expected to be outlawed.

It is not clear whether swaps would also be outlawed. (Colombo/Aug11/2019)
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Post by nihal123 on Tue Aug 13, 2019 2:02 pm

හේලීස් වෙතින් රු. බිලියන 3ක ණයකර නිකුතුවක්

August, 13, 2019


Thread for News on CSE and SL Economy  - Page 15 Hayleys-logo_New
කොළඹ කොටස් වෙළෙඳපොළේ ලැයිස්තුගත, මෙරට ප්‍රමුඛ පෙළේ විවිධාංගීකරණය කරන ලද සමාගම් සමූහයක් වන හේලීස් පීඑල්සී විසින් සිදුකිරීමට නියමිත ණයකර නිකුතුව සඳහා කොළඹ කොටස් වෙළෙඳපොළේ අනුමැතිය ලැබී තිබේ.
මූලික වශයෙන් රු. 100 බැගින් වූ ලැයිස්තුගත, ශ්‍රේණිගත, නිදහස් කළ හැකි ණයකර මිලියන 20ක් මෙහිදී නිකුත් කෙරෙන අතර ඒ සඳහා අධිදායකත්වයක් පැවතියහොත් තවත් ණයකර මිලියන 10 ක් නිකුත් කිරීමට සමාගම විසින් සැලසුම් කර ඇත.
වසර 5ක පරිණත කාලයකින් යුතු මෙම ණයකර නිකුතුව 2019 අගෝස්තු 20 දින විවෘත වේ.
මෙම නිකුතුවේ සමකළමනාකරුවන් ලෙසින් කැපිටල් එලායන්ස් පාට්නර්ස් ලිමිටඩ් සහ පීපල්ස් බෑන්ක් ඉන්වෙස්ට්මන්ට් බෑන්කින් යුනිට් කටයුතු කරනු ලබයි.
ණයකර නිකුතුව හරහා සමාගම විසින් සම්පාදනය කරගැනීමට බලාපොරොත්තු වන මුළු අරමුදල් ප්‍රමාණය රු. බිලියන 3කි.
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Thread for News on CSE and SL Economy  - Page 15 Empty Re: Thread for News on CSE and SL Economy

Post by nihal123 on Tue Aug 13, 2019 8:17 pm

අද දින කොටස් වෙළෙඳපොළෙන් රු. මිලියන 2,687 ක පිරිවැටුමක්

August, 13, 2019


Thread for News on CSE and SL Economy  - Page 15 CSE-20170117_1244281
කොළඹ කොටස් වෙළෙඳපොළ ගනුදෙනු අද (13) දිනයේ දී වඩාත් සක්‍රීය ස්වභාවයක් ගනු ලැබීය.
මෙහිදී වඩාත් කැපී පෙනෙන සිදුවීම වූයේ රුපියල් මිලියන 2,687 ක දැවැන්ත පිරිවැටුමක් දිනය තුළ ගනුදෙනුවලින් වාර්තා වීමයි. මෙය 2019 වසරේ මේ දක්වා කාලය තුළ දෛනික සාමාන්‍ය ගනුදෙනු පිරිවැටුම වන රු. මිලියන 641 මෙන් සිව්ගුණයකි. 2018 වසරේ දෛනික සාමාන්‍ය පිරිවැටුම සටහන් වූයේ රු. මිලියන 834 ක් ලෙසය.
මේ අතර අද දිනය අවසානයේ දී සියලු කොටස් මිල දර්ශකය ඒකක 5,949.30 ක් ලෙසින් වාර්තා වූ අතර මෙය පූර්ව ගනුදෙනු දිනට වඩා ඒකක 6.19ක ඉහළ යාමකි. එමෙන්ම S&P SL20 දර්ශකය දිනය තුළ දී ඒකක 5.21කින් ඉහළ ගොස් ඒකක 2,960.58ක් ලෙසින් සටහන් විය.
දෛනික පිරිවැටුමට අද දින වැඩිම දායකත්වයක් ලබා දෙන ලද්දේ ජෝන් කීල්ස් හෝල්ඩිංග්ස් සමාගමේ කොටස් ගනුදෙනු විසිනි. මෙහිදී රු. බිලියන 1.5 ක වටිනා කොටස් සාමාන්‍ය වෙළෙඳපොළ ගනුදෙනු ලෙසත්, රු. මිලියන 348.2 ක් වටිනා කොටස්, ගිවිසා ගනු ලැබූ ගනුදෙනු ලෙසත් හුවමාරු විය. තවද කොමර්ෂල් බැංකු සමාගමේ රු. මිලියන 23 ක ගිවිසා ගනු ලැබූ කොටස් ගනුදෙනුවක් සිදු විය.
මීට අමතරව ඇක්සස් ඉංජිනියරින්ග් (රු. මිලියන 180) හා හැටන් නැෂනල් බැංකුව (රු. මිලියන 134.5) ඉහළම ගනුදෙනු පිරිවැටුම් වාර්තා කළ සමාගම් අතරට එක්ව තිබිණි.
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Thread for News on CSE and SL Economy  - Page 15 Empty Re: Thread for News on CSE and SL Economy

Post by The Invisible on Wed Aug 14, 2019 9:22 am

Sri Lanka's private and state credit surge in June

ECONOMYNEXT - Credit to Sri Lanka's private borrowers had surged in June, after contracting the for two months in a row, official data showed while credit to government also spiked.

Credit to private borrowers expanded by 63.2 billion rupees to 5,605 billion rupees in the month of June.

Cashflows of many Sri Lankan private businesses were hit after Easter Sunday blasts in April. Sri Lanka usually has weak credit growth in April, which is a holiday month, after a peaking March.

Credit generally recovers in May and June, past data shows, though it is not clear what is driving growth in June in 2019.

In 2019, Sri Lanka's private credit has been weak, after monetary instability in 2018, with the rupee collapsing from 153 to 182 to the US dollar.

Amid weak private credit the rupee has recovered.

Credit to central government also spiked 72.1 billion rupees, while state enterprises borrowed another 3.8 billion rupees.

Raising some concerns central bank credit to government also went up by 25 billion rupees to 341 billion rupees, ending a trend of contraction.

However in the month of June the central bank was a net buyer in forex markets, purchasing 87.5 million US dollars from commercial banks.

Total credit disbursed by the banking system including central bank credit was 139 billion rupees, highest since the 144 billion during the balance of payments and capital flight days in the last quarter of 2018 when large volumes of money was printed.

So far in 2019, credit to private sector was only 43.6 billion rupees, down from 334 billion rupees in 2018.

Credit to government was 151.4 billion rupees up from 104.6 billion in the first six months of 2019.

In Sri Lanka monetary instability hits suddenly due to the injecting of large volumes of money by the central bank through various instruments, though weak private credit can reduce risks. (Colombo/Aug13/2019)
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