Latest news with #SoftlogicStockbrokers
Business Recorder
30-05-2025
- Business
- Business Recorder
Sri Lanka's Colombo consumer price index falls 0.7% y/y in May
Sri Lanka's Colombo Consumer Price Index fell 0.7% year-on-year in May after dropping 2% in April, the statistics department said on Friday, indicating deflation is easing. The Colombo Consumer Price Index, a leading indicator for broader national prices, tracks inflation in Sri Lanka's biggest city. Prices have been falling year on year since last September but analysts expect prices to start rising again soon. 'I don't think this comes as a surprise. We were expecting it (the index) to turn positive in August but there is a possibility it might turn positive before that,' said Raynal Wickremeratne, co-head of research at Softlogic Stockbrokers. Prices in the food category jumped to 5.2% in May from 1.3% year-on-year in April. In the non-food category, prices fell 3.3% this month year on year after declining 3.6% in April. Sri Lanka, which was plunged into a financial crisis by a record shortage of dollars three years ago, has recovered strongly, posting 5% economic growth last year. Sri Lanka's consumer prices drop 0.8% in April year/year The island nation's inflation has fallen significantly over the last two years, supporting a gradual lowering of interest rates. Sri Lanka's national consumer price index fell 0.8% in April but inflation is expected to return and track closer to the central bank's target of 5% towards the end of this year, the central bank said in a statement last month. Taking advantage of low inflation, Sri Lanka's central bank cut its policy rate by 25 basis points in a surprise move this month, aiming to foster stronger economic growth.
Business Recorder
22-05-2025
- Business
- Business Recorder
Sri Lanka shares end higher after surprise interest rate cut
Sri Lankan shares closed higher on Thursday, aided by gains in communication services and utilities stocks. The CSE All Share index settled up 0.7% at 16,473.4. Sri Lanka's central bank cut the policy rate by 25 basis points in a surprise move earlier in the day, aiming to foster stronger economic growth after a lingering financial crisis and buffer any fallout from potential U.S. tariffs. The cut is unlikely to generate a major market response; however, market players may expect a correction towards the end of the year depending on how inflation settles following the third quarter, says Raynal Wickremeratne, co-head of research at Softlogic Stockbrokers. Nation Lanka Finance and SMB Finance were the top percentage gainers on the CSE All Share index, up 100% and 50%, respectively. Trading volume on the CSE All Share index rose to 277.3million shares from 171 million in the previous session. Sri Lanka shares end little changed The equity market's turnover rose to 4.54 billion Sri Lankan rupees ($15.17 million) from 2.43 billion rupees in the previous session, according to exchange data. Foreign investors were net buyers, purchasing stocks worth 606.4 million rupees, while domestic investors were net sellers, offloading shares worth 4.25 billion rupees, the data showed.
