Economic

Softlogic Stockbrokers said yesterday that the Colombo Stock Exchange (CSE) was the highest gainer globally in August and second-best performer year-to-date (YTD), trading at a 40% discount to peers.

The Colombo Stock Exchange (CSE) has requested a root cause analysis from the system provider Iron One Technologies Ltd., regarding a disruption to the order management system provided to four stockbroker firms during trading yesterday, which resulted in trading difficulties to clients of these firms.

Siyapatha Finance PLC’s Rs. 1.5 billion worth debenture issue has been oversubscribed and was closed on 26 August.

Quantum unspecified but tenor could be 1 year or more; bids to be submitted by 22 Sep.
Financing proposals sought from banks, institutional investors, investment houses
Funds to meet expenditure approved in Annual Budget
In mid-2020 Finance Ministry specified FCTF $ 500 m and 5 responded with proposals

A day of lockdown in Sri Lanka causes a negative impact of Rs. 22.4 billion, or $ 112 million, according to the economic projection model developed by the Imperial College.

The Colombo stock market sustained its super momentum yesterday with new high turnover ending a memorable week.

The Central Bank finally confirmed yesterday that Sri Lanka received Special Drawing Rights (SDR) allocation of International Monetary Fund (IMF) and the Initial Disbursements under the Currency Swap Arrangement with the Bangladesh Bank.

A combined release of over $ 200 million today to two State commercial banks is likely to ease pressure on the rupee, forex market sources said.

Maldives’ Sea Horse Yachts Ltd., (SHY) will invest $ 58 million (Rs. 11.5 billion) to set up and operate a state-of-the-art yacht building facility at the Hambantota International Port Group (HIPG) premises.

The Colombo Stock Exchange (CSE) yesterday tweeted saying the market still remains attractive in terms of Price Earnings Ratio (PER).

A special permit procedure will be introduced to import sugar required for the production of bakery and confectionery products, a top Minister confirmed yesterday.

India’s Adani Ports and Special Economic Zone (APSEZ) will commence construction of West Container Terminal (WCT) at Sri Lanka’s Colombo Port in December, according to a report in Ship Technology.

The Government yesterday reassured that foreign exchange inflows continue, though the markets reacted differently as rupee depreciation persisted.

Recording its highest-ever profit for a period of six months with a Profit Before Tax (PBT) of Rs. 13.9 billion and a Profit After Tax (PAT) of Rs. 11 billion, National Savings Bank (NSB) shows strength and financial resilience in performance amidst the heightened uncertainty due to the COVID-19 pandemic which has triggered a wide range of shocks on the banking sector and the economy as a whole.

The Colombo bourse and investors yesterday proved their optimism despite the raging COVID pandemic and associated challenges, propelling the market to an all-time high with its gain in value crossing the Rs. 1 trillion mark so far in 2021.

The Government is investing over Rs. 750 million to step up its efforts to open and expand first-ever pesticide-free, State-run retail chain, the Sathosa Organic Supermarket network – covering all 25 main cities across the country.

Reuters: While the financial world waits for the Federal Reserve to start reversing its ultra-loose policy stance, recent moves by a clutch of other central banks signal the days of pandemic-era accommodation are already numbered even as COVID-19 continues to impede smooth economic recoveries around the world.

Move follows anomalies observed in interest rates offered and paid by banks on the rupee and foreign currency deposits