Home / Front Page/ CSE an absolute buying opportunity: CB Chief

CSE an absolute buying opportunity: CB Chief


Comments / {{hitsCtrl.values.hits}} Views / Tuesday, 11 June 2019 00:59


Central Bank Governor Dr. Indrajit Coomaraswamy yesterday told foreign institutional investors that the Colombo stock market is an “absolute buying opportunity.”

Addressing the fourth CT CLSA Asia Frontier Forum which kicked off yesterday, the Governor said “macroeconomic fundamentals are good” though in recent months there has been net foreign outflow. 

It was pointed out that the reduction in policy rates by 50 basis points recently was a boost for investment in listed equities. 

He also said global investor community and financial markets have adjusted post-Easter Sunday setback. 

He revealed that as of 18 April the rupee had appreciated by 4.6% and as of 7 June, the appreciation remained at 3.6%. “There is a fair degree of stability,” he added. The Central Bank had bought on a net basis $ 128 million from the market as part of building non-debt reserves.

The Governor said that since 21 April, there had been six Treasury Bill issuances and yields have come down whilst the country also saw the largest ever Bond auction worth Rs. 120 billion. In terms of Sri Lanka’s International Sovereign Bonds (ISBs) the yields have more or less remained intact, he said adding that markets are still favourable to Sri Lanka. 

“Investors know that Sri Lanka will do whatever to honour its external payments,” he added. 

Despite challenges and travel advisories, FII delegates from Africa, Asia and Europe will join over 20 institutional fund managers from Sri Lanka to access 19 top tier Sri Lankan corporates and six leading corporates from Bangladesh and Pakistan at the forum this year.

 

Easter Sunday attacks a setback but macro fundamentals not thrown off-track: CB Chief


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Economic growth through fragmentation and global value chain

Wednesday, 19 February 2020

The global value chain will continue to enhance economic growth, create better job opportunities and shrink poverty in developing countries. As far back as the 1990s, through international trade, global value chain benefits were experienced by poorer


Sri Lankan housewife in trouble again?

Wednesday, 19 February 2020

After almost six quarters of negative growth, starting from Quarter 1 2016, Sri Lanka saw overall general trading conditions recovering to register +4.1% GDP growth in Q1-2019 and +3.7% in Q2-2019 which was a welcome sign to a typical Sri Lanka hous


Their investigations and our investigations

Wednesday, 19 February 2020

There must be very few subjects in this country more investigated than the alleged wrongdoings in relation to Government issued bonds. Beginning with the so-called Pilipino committee (appointed by persons whose very conduct was germane to the inquir


Education and vocational training: lessons learnt from Singapore

Wednesday, 19 February 2020

In the 1960s, Lee Kuan Yew, the eminent leader and founding father of Singapore, once said that he wants to build Singapore as Sri Lanka. But what has happened today? Sri Lanka is lagging behind Singapore in many aspects. Singapore has no natural res


Columnists More