Sri Lanka Newspapers Friday 23/03/2012

CSE.SAS · 1 Sri Lanka Newspapers Friday 23/03/2012 Thu Mar 22, 2012 11:34 pm

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Bourse slips in dull day
* JKH and banking stock generates some volume

The Colombo bourse yesterday posted a lackluster performance with both indices down and turnover a dismal Rs.354.1 million, down from the previous day’s Rs.376.1 million, with 58 gainers trailing 115 losers in a day where activity was focused mostly on banking stock.

The All Share Price Index closed 34.40 points down (0.64%) while the Milanka lost 41.05 points (0.85%) with JKH continuing to be the best business generator.

The counter, which topped Rs. 200 after the EPF sold a large block the investment arm of the Malaysian government last Friday, closed Rs.3.10 down at Rs.191.90 on nearly 0.3 million shares contributing Rs.51.1 million to turnover.

Banking shares active yesterday were Commercial Bank, Seylan (non-voting), Sampath, NDB, HNB (non-voting) and Seylan (voting).

ComBank closed flat at Rs.100 on nearly 0.3 million shares, Seylan X closed flat at Rs.27 on 0.8 million shares and Sampath edged down 30 cents to close at Rs.187 on 82,543 shares.

NDB was up Rs.3 to close at Rs.123 on 0.1 million shares, HNB closed flat at Rs.92.10 on 0.1 million shares while Seylan closed at Rs.65 on 0.1 million shares.

Other stocks that showed some volume in a dull day included LOLC closing flat at Rs.55 on nearly 0.3 million shares, Dimo down Rs.30.30 to close at Rs.950 on 11,380 shares and Hemas down 30 cents to Rs.26 on nearly 0.3 million shares.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=48075

CSE.SAS · 2 Increase productivity solution to falling rupee Thu Mar 22, 2012 11:35 pm

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By Hiran H.Senewiratne

Sri Lanka will have to go through major hardships with the depreciation of the rupee against the US dollar. This will have direct bearing on the economy with the increasing prices of all essential imported items, a leading management specialist Prof Gunapala Nanayakkara said.

"Therefore, increasing production in goods and services, would have a positive impact on the economy, ´to face the scenario at this juncture and to cut down unnecessary imports," Prof Nanayakkara said at the launch of a MBA and PhD programme of the Open University of Malaysia (OUM) by the Graduate School of Management (GSM) of Sri Lanka.

Prof Nanayakkara who was also the Academic Adviser to GSM said the depreciation of the rupee against the dollar could not be stopped and the dollar would go up further in the future. The decline of the rupee could be arrested only if the country increased its production of good and services.

To develop the country it could take Malaysia as a role model because it has many similarities to Sri Lanka. Therefore, Malaysia always took the initiative to develop the human capital by promoting quality education, he said.

Sri Lanka’s higher education was drastically deteriorating, especially the local university education due to the absence of quality academic research and publications.

"Only one university in Sri Lanka was ranked as one of the best 400 universities in the region 10 years ago, today it has gone below 1000 th position," he said.

Although the Minister of Higher Education was keen on setting up foreign universities in Sri Lanka, no draft legislation from the government in this direction to attract foreign or private universities into the country, Prof Nanayakkara said.

"It is high time for the government to act fast to promote and setting up high quality foreign/private universities in Sri Lanka to develop the human capital in Sri Lanka," he said.

Senior Vice President OUM Prof Mansor Fadzil said that Sri Lankan universities were not up-to date and best thing to do was to develop the human capital to transform Sri Lanka into the next level.

Minister of Petroleum Industries Susil Premajayanth said that the government is doing its level best to attract foreign high quality universities but due to oppositions from certain segments that task had become a tough task.

OUM is a university jointly owned by a consortium of 11 major public universities in Malaysia. Operating as a private university, OUM capitalized on digital technological advancement to offer open and distance learning to learners anytime.

OUM in collaboration with the GSM conducts MBA and Doctoral programmes, which is not second to any university in the world.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=48076

CSE.SAS · 3 Rupee falls on importer demand Thu Mar 22, 2012 11:39 pm

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The rupee fell against the greenback yesterday as importers demand continued unabated due to the festive season next month.

Currency dealers said the rupee closed at Rs. 130.10/25 against the dollar with the highest deal going at Rs. 130.60. The rupee opened the day at Rs. 129.90/Rs. 130.10.

Treasury Secretary said the rupee would stabilise at around Rs. 125 but the real effects of the recent policy changes would be seen after April.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=48072

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Mar 22, Colombo: A substantial Increase in foreign currency inflows to the country exceeding US$ 750 million so far this year and the decrease in import demand are expected to stabilize the foreign exchange markets in the coming weeks, the Central Bank said Wednesday.

The country's Central Bank Wednesday said total foreign currency inflows to the country from various sources this year amounted to a total of US$ 763 million, of which a significant portion was absorbed by the Central Bank raising the gross official reserves of the country.

The inflows were from several sources, the Bank said listing that Colombo Stock Exchange (CSE) attracted US$ 164 million so far in 2012 and investments in several commercial banks amounted to about US$ 127 million.

Monday's issue of oversubscribed Sri Lanka Development Bonds (SLDBs) brought in another US$ 87 million exceeding the target of US$ 45 million while foreign investors made a net investment of US$ 385 in Treasury Bills and Bonds.

The Central Bank expects further foreign currency inflows in the next few weeks. These would include inflows as a result of several commercial banks raising funds abroad for their Tier 2 capital, and an initial investment of approximately US$ 73 million in a mega hotel project.

The Bank also said there are clear signs of deceleration in credit growth and import demand in response to the recent policy measures it implemented raising the interest rates and stopping Bank's intervention in rupee market.

The rupee closed at 130.25/130.50 a dollar on Wednesday. It has fallen 12.3 percent since the Central Bank stopped intervening on rupee market last month.

The Central Bank said it expects a "further moderation" to ease the deficit in the trade account once the New Year seasonal demand for imports is over.

"The increasing foreign currency inflows, and the easing of the import demand as stated above, are expected to stabilize the foreign exchange markets in the coming weeks," the Central Bank said.
http://www.colombopage.com/archive_12/Mar22_1332387392CH.php