Market snapshot by LOLC securities

§  Sri Lanka bill yields held down

Sri Lanka's Treasury bill yields were held flat by at Wednesday's auction ending several weeks of corrections that helped push up market rates to reduce pressure on the exchange rate. - LBO

§  Sri Lanka may end forex interventions by May: CB Governor

Sri Lanka expects to end all interventions in forex markets by end May with forex sales for oil payments already less than planned, Central Bank Governor Nivard Cabraal said. – LBO

§  Rupee up; Bourse sees Rs. 374 m foreign inflow

The rupee gained 1.7 per cent on Tuesday as exporters sold dollars after the International Monetary Fund approved thedisbursement of a long-delayed loan tranche of $ 426.8 million to the Government. - Daily FT

§  IMF happy but watchful

$ 427 m released to boost reserves bringing total to $ 2.13 b under $ 2.6 b SBA; balance likely in mid-July – Daily FT

§  CB says reserves now at $ 6.1 b

The Central Bank yesterday disclosed that the country’s reserves at present amount to $ 6.1 billion with the infusion of $ 427 million from the IMF. – Daily FT

§  Rate hike likely? CB advances April Monetary Policy Review to Thursday

The Central Bank said yesterday that the release of Monetary Policy Review for April has been advanced to Thursday 5 April from the previously announced date of 18 April. – Daily FT

§  SEC issues directive on trading of warrants

The Securities and Exchange Commission (SEC) has issued a directive stating that all listed companies are prohibited from trading warrants in the secondary market after the initial cut-off date with effect from 2 April 2012. – Daily FT

§  Big seller of Com Bank disposes further 8.5 million shares

Six crossings yesterday in the voting shares of Commercial Bank involving a total of 8.5 million shares at a price of Rs. 100 per share helped boost turnover on the Colombo bourse to Rs. 1.53 billion, up from the previous day’s Rs. 694.6 million, though both indices were marginally down - the All Share by 13.33 points (0.25%) and the Milanka by 2.78 points (0.06%) with 65 gainers trailing 127 losers. – The Island

§  The Ministry of Power disclosed yesterday that the observance of Earth Hour countrywide on Saturday had saved 130 MW of electricity. – Daily FT

§  Concessions for vehicle imports via Hambantota Port

As an effective measure to ease the long berthing delays experienced by roll on roll off vessels at the Port of Colombo, the SLPA said yesterday in consultation with shipping lines and importers decided to route all such vessels to the Magam Ruhunupura Mahinda Rajapaksa Port with effect from 31 May 2012. – Daily FT

§  US$ 50bn Chinese led private investment no misnomer

The Ministry of Industry and Commerce issuing a statement yesterday gave out more details on the proposed US$ 50 billion investment planned for the development of Hambantota, with a top official saying it was no misnomer. – The Island

§  Home Prices Seen Dropping 10% in U.S. on Foreclosures: Mortgages

As many as 1.25 million of America’s least cared for homes are headed for auction after a year-long probe into foreclosure practices kept them off the market. – Bloomberg

§  The Federal Reserve is holding off on increasing monetary accommodation unless the U.S. economic expansion falters or prices rise at a rate slower than its 2 percent target. – Bloomberg

§  China accelerated the opening of its capital markets by more than doubling the amount foreigners can invest in stocks, bonds and bank deposits as the government shifts its growth model to domestic consumption from exports. - Bloomberg