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HEADLINES - 6th November 2018

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Heavy trading in John Keells (JKH) with over 1.5% of company changing hands – LBO

Sri Lanka’s constitutional crisis has lit a fire under the counrty’s stock market sending trading volumes soaring. Trading at the Colombo Stock Exchange passed the Rs4bn (US$23mn) mark with the trading day nearing a close. Trading volume is being driven by transactions in market bellwether John Keells Holdings (JKH). Over Rs3.5bn worth of shares have transacted today amounting to approximately 1.5% of the company. Trading in JKH since the start of the political crisis has been driven by foreigners selling and locals buying.

 

Bond yields fluctuate once again – DailyFT

The secondary bond market yields fluctuated once again yesterday as yields were seen decreasing during morning hours of trading before bouncing back mid-day while activity faded off towards the latter part of the day. Yields on the 01.03.21 and the two 2023 (i.e. 15.03.23 and 15.07.23) maturities dipped to intraday lows of 11.00% and 11.30% each, respectively, against its previous day’s closing levels of 10.95/05, 11.35/45 and 11.35/45 each. However, selling interest at these levels saw yields increase once again, mainly on the 15.07.23 maturity to 11.40% while two way quotes widened on the rest of the curve. In addition, the maturities of 15.09.19 and 15.05.23 were traded at levels of 10.75% and 11.40%, respectively, as well.

 

Govt spending up 3.7% Jan-Aug – Ceylon Today

Government Expenditure during the first eight months of this year (January to end-August) reached Rs 1,758 billion, representing nearly 60 per cent of the target set for this year, up 3.7 per cent from Rs 1,694 billion a year ago.

 

Over 8.3 mn economically active population in 1Q – Daily News

By the first quarter of 2018, the estimated economically active population was about 8.3 million. Of which 65.4 percent were males and 34.6 percent were females, quarterly report of Sri Lanka Labour Force survey published by Department of Census and Statistics stated.

 

Lakshman Kadirgamar Institute Launches Academic Study on Belt and Road Initiative – Daily News

The Lakshman Kadirgamar Institute of International Relations and Strategic Studies (LKI) and Chatham House, UK recently launched a major academic study on Chinese outbound investment and the Belt and Road Initiative (BRI).

 

Sri Lanka’s new destination brand ‘So Sri Lanka’ debuts at WTM – DailyFT

Sri Lanka’s new destination brand, ‘So Sri Lanka’, debuted yesterday at the opening day of the World Travel Mart (WTM) 2018 in London. Encapsulating the essence of Sri Lanka, its authenticity, diversity and all of its richness is an expression that sums up the travels and tales of a Sri Lankan experience, the Sri Lanka Tourism Promotion Bureau said. 

 

Rupee fall persists – DailyFT

Reuters: The rupee ended weaker on Monday as outflows from stocks and government securities due to political uncertainty raised dollar demand. The rupee ended at 174.45/60 per dollar on Monday, compared with the previous close of 174.30/50. The currency has dropped 0.8% since the political crisis began on 26 October, and hit a record low of 175.65 per dollar on Thursday. 

 

Investors slam brakes on stocks rally as trade, Fed worries dominate – DailyFT

London (Reuters): World stocks slipped on Monday, halting a four-day recovery rally as anxiety surrounding global trade conditions and rising US interest rates dampened risk appetite.

 

Speaker refuses to recognise new govt. until it shows majority – The Island

Speaker Karu Jayasuriya yesterday said he would have to continue with the previous status in Parliament until a different clear majority was shown in Parliament. A majority of the MPs had requested him to accept the previous composition, he said.

 

What Sri Lanka’s political crisis means for India and China - DailyFT

 

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