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Friday July 12th, 2024

Shanmugam Kugathasan sworn in as new MP in Sri Lanka parliament

MP Shanmugam Kugathasan

ECONOMYNEXT — Shanmugam Kugathasan of the Illankai Tamil Arasu Kadchi (ITAK) took oaths as a Member of Parliament today, filling the vacancy left by the demise of former opposition leader R Sampanthan.

The new MP, who represents the Trincomalee district,  was sworn in before Speaker Mahinda Yapa Abeywardena in parliament Tuesday July 09 morning.

Sampanthan, who Kugathasan replaces in the legislature, was the leader of the Tamil National Alliance, of which ITAK is the key constituent party.

Mr. Kathiravelu Shanmugam Kugathasan was sworn in as a member of the 9th Parliament before the Speaker Hon. Mahinda Yapa Abeywardana today (July 09).

A statement from parliament said MP Kugathasan completed his higher education from the university of Colombo and Madurai Kamaraj University, India.

“He has been a member of the Illankai Tamil Arasu Kadchi Party since 1975 and has been working as the Trincomalee District Leader of the party since 2018. He has also worked as the Eastern Province Development Affairs Coordinator under the Ministry of National Policy, Economic Affairs and Resettlement.”

In the previous parliamentary election, the statement said, he represented ITAK and participated for the election representing the Trincomalee district. (Colombo/Jul09/2024)

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Sri Lanka appoints new Attorney General

ECONOMYNEXT – Sri Lanka’s President Ranil Wickremesinghe has appointed K A Parinda Ranasinghe PC as Attorney General.

He was appointed in terms of Article 61E (b) of the Constitution of Sri Lanka, the president’s media division said.

The new AG received the appointment from President Wickremesinghe at the Presidential Secretariat on Friday.

He fills the post after the retirement of former Attorney General Sanjay Rajaratnam. (Colombo/Jul12/2024)

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Sri Lanka rupee closes stronger at 301.70/302.00 to US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed stronger at 301.70/302.00 to the US dollar on Friday, from 302.80/303.00 to the US dollar on Thursday, dealers said, while bond yields were up.

A bond maturing on 15.12.2026 closed at 10.90/11.00 percent, up from 10.85/95 percent.

A bond maturing on 15.12.2027 closed at 11.75/80 percent, up from 11.80/88 percent.

A bond maturing on 01.05.2028 closed at 11.90/12.00 percent.

A bond maturing on 15.09.2029 closed at 12.10/30 percent, up from 12.15/25 percent. (Colombo/Jul12/2024)

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Sri Lanka stocks close up, muted activity

ECONOMYNEXT – The Colombo Stock Exchange closed up on Friday, data on its site showed.

The broader All Share Index closed up 0.35 percent, or 41.71 points, at 11,843; while the more liquid S&P SL20 Index closed up 0.56 percent, or 19.20 points, at 3,454.

Turnover was low at 653 million.

“The market picked up a bit from yesterday but it’s still below the psychological 12,000 mark,” Softlogic Stockbrokers said.

“Local retail participation drove the market predominantly.”

John Keells Holdings Plc brought in Rs109mn to the turnover, and the share closed flat at 194.50.

Melstacorp Plc contributed in Rs104mn to the turnover, and the share closed flat at 85.00.

Sentiment around the banking counters was mostly negative. Sampath Bank Plc closed down at 77.00, closed flat at 101.25, and Hatton National Bank Plc closed flat at 195.25.

The top contributors to the ASPI were Commercial Bank of Ceylon Plc (up at 103.50), Bukit Darah Plc (up at 397.00), and Hayleys Plc (up at 101.00).

Foreign participation remained low as well. There was a higher net foreign outflow of 101 million.

“Foreign selling was seen on John Keells Holdings, and banking counters; Hatton National Bank Plc (down at 195.00), Pan Asia Banking Corporation Plc (down at 20.70), and Commercial Bank of Ceylon Plc.

There was selective foreing interest on the diversified financials sector, particularly in companies that had vehicle leasing portfolios. “We think this might be due to the news of the vehicle import ban possibly ending.”

LOLC Holdings Plc closed up at 440.50, People’s Leasing and Finance Plc closed up at 12.20.

Softlogic Holdings Plc which announced the date of its rights issue, closed up at 8.50. (Colombo/Jul12/2024)

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