Lanka Securities Morning Note 15 June 2015

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Lanka Securities Morning Note 15 June 2015 Empty Lanka Securities Morning Note 15 June 2015

Post  Melissa Pereira on Tue Jun 16, 2015 10:48 am

SL apparel exports edging to US$ 5 bn: As Sri Lankan annual apparel exports closed in on the crucial $5 bn mark, South America’s largest apparel market was given a preview of Lankan fashion when the Brazil International Apparel Sourcing Show 2015 in Sao Paulo. The EDB and Lankan apparel industry identified Brazil as an important emerging market for Lankan apparels. As Sri Lankan annual apparel exports closed in on the crucial $5 bn mark and stood at $4.9 bn in 2014 growing YoY by 9.26%. Sri Lanka exported $18 mn apparels to Brazil in 2014. (DN)

Sri Lanka sells Rs15 bn in 07 and 09 year bonds; rupee falls to record low: Sri Lanka has sold 15 billion rupees of seven and nine year bonds after calling bids for 12 billion rupees of bonds, the state debt office said. The debt office on Friday sold 5.35 billion rupees of seven year bonds maturing on 01 October 2022 at a weighted average yield of 8.56 percent. A nine year bond maturing on 15 March 2025 was sold at an average yield of 8.89 percent, raising 9.65 billion rupees. The state debt office of the Central Bank offered 2.0 billion rupees in four year bonds, 3.0 billion rupees in seven year bonds and 7.0 billion rupees in nine year bonds. All bids for the four year bond were rejected. Meanwhile, the Sri Lankan rupee has fallen to a record low of 134 on Friday ahead of a possible Parliamentary election in the near future. (LBO)

Stretched rubber traders call for Govt. support: The Colombo Rubber Traders Association (CRTA) called on the Government to re-evaluate industry policies in the wake of reduced production and weak international demand. CRTA Chairman Rahim said the export cess of Rs. 15 per kilogram levied by the Government had largely contributed to making export prices to niche world markets unattractive, leading to a decline in exports of thick pale crepe, scrap crepe, sole crepe and TSR. Pointing out that Sri Lanka was the only producer of these grades, Rahim urged the Government to remove the cess and grant relief to exporters when world markets were facing difficulties due to slow demand. Commenting on the price declines, he said: “At the beginning of January 2014 latex crepe no.1X obtained Rs. 410, while RSS1 fetched Rs. 345 per kilogram. However, by the end of January prices dropped sharply to Rs. 310 for latex crepe no.1X and Rs. 278 for RSS 1. Thereafter, prices
continued to drop further to Rs. 295 for latex crepe no.1X while RSS 1 dropped to its lowest Rs. 250 at the end of 2014.” (DFT)

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Melissa Pereira

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