Germany’s DEG and Dutch state-owned development bank FMO will be purchasing a 38 percent stake in Asian Alliance Insurance PLC (AAI) in which Softlogic group has over 95 percent.
Despite the boost brought in a by a surprise policy rates cut by the Central Bank last week, foreign buying in the Colombo bourse slowed during last week, a local brokerage said.
Sri Lankan stocks rose for the fourth straight session yesterday to nearly a one-month high, bolstered by a surprise rate cut by the Central Bank the previous day to support economic growth.
Stocks rose 1.82 percent to a three-week high yesterday after the central bank surprised the market with a 25 basis point rate cut followed by a reduction in yields on government securities.
Foreign investors will continue to invest in the Colombo Stock Exchange based on attractively low valuations of Sri Lankan equities particularly against regional emerging and frontier markets, according to a report from NDB Stockbrokers (Pvt) Ltd.
Sri Lankan stocks gained more than 1 percent yesterday to hit a two-week high, recovering from a three-month low, as foreign investors bought blue chips.
NDB Capital Holdings PLC (CDIC) is believed to have divested 5 % stake of Aviva NDB Insurance PLC (CTCE) today as a part of the Aviva- American International Assurance Company (AIA) deal which is expected to occur either today or during the course of the week, informed sources said.
Sri Lankan stocks slipped to a three-month low yesterday in thin volume as high interest rates weighed on sentiment with investors shunning risky assets and moving in to highyielding government securities.
Sri Lankan stocks ended weaker on Monday with turnover slumping to a near five-month low as high interest rates sapped investor appetite for risky assets while many investors were away from the market ahead of a holiday.
Sri Lankan stocks recovered slightly from an 11-week low yesterday to end a run of six consecutive session losses, but dealers said high interest rates continued to cloud the market’s outlook and kept turnover low.
The indices of Colombo Stock Exchange (CSE) continued its downward flight for the fifth straight day amidst lack of buying interest on the board, both local and foreign, despite most of the shares now trading below t heir intrinsic values, according to stock market analysts and brokers.
A report from credit ratings agency, Moody’s, has highlighted regulatory issues in the Securities and Exchange Commission (SEC) and growing tension between the judiciary and the government as posing downside risks to Sri Lanka’s institutional strength.
The Securities and Exchange Commission (SEC) of Sri Lanka released its roadmap for capital market development over the next three years yesterday.
Sri Lankan stocks eased to their lowest in eight weeks yesterday in light trade. Retail investors sold bank and finance shares but many stayed away, waiting for direction from next week’s budget and corporateearnings.
Issuing a media statement yesterday, the umbrella body for Sri Lanka’s brokering community, the Colombo Stock Brokers’ Association (CSBA) welcomed the change made by the SEC
Sri Lankan stocks dipped yesterday to a more-than seven-week low as most investors waited on the sidelines ahead of the announcement of 2013 budget, while the rupee fell on importer dollar demand, dealers said.
The genuine investors and independent minority shareholders (IMS) were rudely surprised and shocked by the recent relaxation of rules on broker credit and restrictions on broker dealings by the Securities and Exchange Commission (SEC), a longstanding minority shareholder activist in the country said.
The removal of credit restrictions by the Securities and Exchange Commission (SEC), effectively providing brokers with the facility to extend more credit, met with strong positive and negative feedback from market analysts on both sides of the issue.
The Securities and Exchange Commission (SEC) yesterday decided to significantly relax rules on broker credit and restrictions on short-term trading by directors and workers of stockbroking companies.
Sri Lankan stocks ended weaker for a fourth straight session yesterday on profit taking in hotel shares while the rupee edged up on dollar sales by a staterun bank.
Sri Lankan stocks ended weaker yesterday for a second straight session as investors booked profits from an overbought market, while the rupee slipped from a more than four-month high.
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