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Wednesday February 1st, 2023

Sri Lanka sees a sharp rise in day-light robbery amid drug-traffic allegations

ECONOMYNEXT- Sri Lanka has seen a rising trend of murders in same style in the island nation’s Southern and Western provinces with Police suspect the shootings related to drug trade and trafficking.

The island nation has witnessed five people aged between 23-37 years killed by unidentified gunmen came in either motorbike or three wheeler in Colombo, Aluthgama, Panadura, Ahangama, and Tangalle.

“As of now, there have been no arrests and no identifiable suspects to the shootouts. We suspect that the spike in shootouts is related to drug trade involvement and trafficking,” Police Spokesman Nihal Thalduwa told EconomyNext,

Some human rights defenders in the past have accused law enforcement agencies to have involved in such extra judiciary killings after a number of mysterious murders of suspected drug traffickers in the past.

Six people have died so far since May 30 in similar shootings while three individuals have been reported critically injured.

The first shootout took place on Monday, May 30, at Bastian Mawatha in Colombo by the bus stand, when two men on a motorbike had opened fire on two individuals, who was returning from court and was identified as an ex-military person.

In the latest incident on Monday (06), a 23-year old man was killed afrer a gunman in a three-wheeler shot him Colombo Modara area.


Police suspect that this shootout took place due to drug trafficking and trade, with on of the deceased has two court cases with drug involvement and for reselling drugs seized during raids. (Colombo/Jun6/2022)

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Sri Lanka coconut prices ease at auction

ECONOMYNEXT- Sri Lanka’s coconut auction prices fell in the last auction in January 2023, with average prices going down by 4.1 percent at an auction on January 26, data showed.

The average price for 1,000 nuts fell to 80.811.89 from 84,116.85 a week earlier at the weekly auction conducted by Sri Lanka’s Coconut Development Authority.

The highest price was 87,300 rupees for 1,000 nuts down from the previous week’s 90,200 rupees, while the lowest was 72,500 down from 73,000 rupees.

The auction offered 469,564 coconuts and 300,983 nuts were sold. (Colombo/ Feb 01/2023)

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Sri Lanka shares edge up at close

ECONOMYNEXT- Sri Lanka’s shares edged up on Wednesday pushed as investors bought in to beaten down shares following the previous session’s drop, market analyst said.“

At this price level what we are seeing is a lot of confidence from the investors to collect when the prices drop. So, the market is not falling sharply,” a market analyst said.

Market had also seen buying in Expolanka shares on speculation that the parent company of SG Holdings was buying back into the shares.

All Share Price Index (ASPI) edged up by 0.96 percent or 84.96 points to 8,950.01.

The most liquid index S&P SL20 gained 1.27 percent or 35.02 points to 2,799.53.

Banking and Insurance counters had seen interest on the back of positive sentiments from the IMF.

The central bank has said it could cut interest rates in future when the the country sees fall in inflation, which has already started decelerating.

The market saw a turnover of 1.5 billion rupees today,lower than the month’s daily average of 1.8 billion rupees and nearly half of 2022 average turnover of 2.9 billion rupees.

The bourse saw a flow of net foreign inflow of 45 million rupees extending the net offshore buying to 1.9 billion so far this year.

Top gainers of the day were Commercial Bank, Expolanka, and Ceylinco Insurance. (Colombo/Feb01/2023)






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Sri Lanka bond yields down at close

ECONOMYNEXT – Sri Lanka’s bond yields were down at close following a bond auction on Wednesday, dealers said while a guidance peg for interbank transactions remained unchanged.

“The rates were steady at the auction,” a dealer said.

“This can be a signal to the market saying the rates will go down in the future.”

A bond maturing on 01.07.2025 closed at 32.40/60 percent, down from yesterday’s 32.60/85 percent.

A bond maturing on 01.05.2027 closed at 29.10/35 marginally down from yesterday’s 29.20/75 percent.

The Central Bank’s guidance peg for interbank US dollar transactions remained unchanged at 362.14 rupees against the US dollar.

Commercial banks offered dollars for telegraphic transfers at 371.38 rupees on Friday, data showed. (Colombo/Feb 01/2022)

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