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Monday September 25th, 2023

Sri Lanka ruling party majority behind Dullas; Sajith to be PM: G L

Foreign Minister Prof G L Peiris

ECONOMYNEXT – A majority of the ruling Sri Lanka Podujana Peramuna (SLPP) are behind the candidacy of SLPP MP Dullas Alahapperuma with opposition leader Sajith Premadasa tipped to be prime minister in a crucial election to be held on Wednesday July 20 to choose Sri Lanka’s next executive president, an official said.

Party chairman MP G L Peiris told reporters in parliament on Tuesday that parliament reflects the views of the public.

“It is crystal clear what the people want right now. They want change, a fresh start, a new way of governance. That is the people’s will, and we must act accordingly in parliament,” said Peiris.

However, reports indicate a split in the SLPP about Wednesday’s crucial vote. SLPP General Secretary Sagara Kariyawasam has announced that the party will back Acting President Ranil Wickremesinghe, who is not a member of the SLPP, at the vote.

Peiris fired a sternly worded letter to Kariyawasam over the weekend demanding an explanation as to how the party came to this decision. Kariyawasam has yet to respond to the letter, but told reporters on Monday that the decision to support Wickremesinghe remains.

Alahapperuma’s name was proposed by Opposition Leader Sajith Premadasa who backed out of the race at the last minute. Peiris seconded his name, seconds before Leader of the House and Minister Dinesh Gunawardena proposed Wickremesinghe’s name which was seconded by MP Manusha Nanayakkara who recently crossed over from Premadasa’s Samagi Jana Balavegaya (SJB).

Asked if it was his personal choice to second Alahapperuma’s candidacy, Peiris said: “It is the wish of a vast majority of the party.”

Denying that the SLPP is divided, the MP said a handful are of a different view from the official party line but that is natural and to be expected in any political party.

The party is also agreeable to making Premadasa prime minister, he added, calling for consensus between the two main parties to meet people’s expectations as Sri Lanka goes through its worst economic crisis since Independence.

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Sri Lanka sells 2028 bonds at 14.52-pct

ECONOMYNEXT – Sri Lanka sold all offered bonds in 2026 and 2028 maturities raising 220 billion rupees from an auction Monday, data from the state debt office showed.

The debt office sold 135 billion rupees of 1 June 2026 bonds to yield 15.64 percent.

Another 85 billion rupees in 01 July 2028 bonds were sold to yield 14.52 percent.

The 2028 bond is offered on tap at the weighted average yield. (Colombo/Sept25/2023)

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Sri Lanka’s stocks end down on Monday after slow day of trading

ECONOMYNEXT – Sri Lanka shares were down at close of trading on Monday.

Turnover was 550 million rupees.

The main All Share Price Index was down 0.36 percent or 40.02 points to 11,216.50, while the S&P SL20 was down 0.44 percent or 14.07 points to 3,164.52.

Trading in the Capital Goods Industry (174,037,134) drove turnover.

Commercial Bank, Expolanka Holdings, and Aitken Spence plc saw losses, while National Development Bank, John Keells Holdings and Melstacorp saw gains in the day’s trading.

The market saw a net foreign inflow of 13 million rupees, while the yearly net foreign inflow was 429 million rupees. (Colombo/Sep25/2023)

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Sri Lanka rupee closes at 324.75/324.90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 324.75/90 to the US dollar on Monday, from Friday’s close at 324.70/325.00 dealers said.

Bond yields were up.

A bond maturing on 01.07.2025 closed up at 15.55/15.70 percent on Monday, after closing at 14.95/15.30 percent on Friday.

A bond maturing on 01.08.2026 closed up at 15.50/15.65 percent up from 14.95/15.10 percent.

A bond maturing on 15.09.2027 closed up at 14.75/15.50 percent from 14.55/15.00 percent.

A bond maturing on 01.05.2028 closed up at 14.25/14.60 from 14.00/14.30 percent.

A bond maturing on 15.05.2030 closed stable at 13.00/13.50.

A bond maturing on 01.07.2032 closed at 12.95/13.45 percent from 13.00/13.45 percent. (Colombo/Sept25/2023)

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