An Echelon Media Company
Thursday May 23rd, 2024

Sri Lanka stocks close down, driven by political uncertainty

ECONOMYNEXT – The Colombo Stock Exchange closed down on Tuesday, data on its site showed.

The broader All Share Index closed down 1.12 percent, or 140.36 points, at 12,358; while the S&P SL20 Index closed down 1.39 percent, or 51.65 points, at 3,671.

Turnover was 3.3 billion.

“Market fell by about 140 points mostly driven by the uncertainty in the political situation,” market participants said.

“There was selling pressure on the banks and index-heavyweights.”

“However there was some notable activity from the retail and high-net-worth segments into Ceylon Tobacco Company Plc (up at 1,332.50), and Chevron Lubricants Lanka Plc (up at 120.75), due to the good results they had posted.”

There was also increased activity on the construction counters, they said.

Royal Ceramics Lanka Plc continued to be heavily traded (Rs75104mn). The share closed down at 36.30.

John Keells Holdings Plc contributed the most (Rs888mn) to the day’s turnover; and the share closed down at 203.25.

There was a net foreign outflow of 587 million. (Colombo/May14/2024)

Leave a Comment

Your email address will not be published. Required fields are marked *

Leave a Comment

Leave a Comment

Cancel reply

Your email address will not be published. Required fields are marked *

Sri Lanka has power breakdowns amidst extreme weather

ECONOMYNEXT – The state-owned power utility, the Ceylon Electricity Board has reported over 36,900 breakdowns resulting in power interruptions to more than 300,000 consumers in the last three days due to inclement weather in the island, the power minister said.

“Additional service staff has been assigned to attend the breakdowns and the CEB management & service staff are working 24 hours to restore power to the affected consumers,” Minister of Power and Energy, Kanchana Wijesekera said on social media platform X (twitter).

Wijesekera said consumers could report power interruptions through the CEB hotline 1987, via SMS to 1987 with BD and the electricity consumer number to follow, or use the CEB Care app, or through http://cebcare.ceb.lk.

The South-East monsoon has seen floods, landslides and strong winds do damage to the utility provider’s infrastructure in the last week. (Colombo/May23?2024)

Continue Reading

Sri Lanka President calls for unity, sacrificing for a better tomorrow on Vesak day

ECONOMYNEXT – Sri Lanka President Ranil Wickremesinghe has recalled a sermon from the Buddha about sacrificing for a better tomorrow, and called for unity to heal and rebuild the country, as Buddhists celebrate Vesak.

Buddhists celebrate Vesak as commemorating the birth, enlightenment and passing away of the Buddha.

“At this challenging moment, we as a nation should cultivate the same great zeal for enlightenment that Buddha exemplified, inspired by his sermon, “Maththasukha parichchaga- passé che vipulan sukhan” – to sacrifice today for a better tomorrow,” President Wickremesinghe said in his Vesak day message.

“We must remember the advice of Lord Buddha, “Sabbattha Sammanaso,” to treat everyone equally and ensure we put it into practice as a country. This is the greatest offering we can present to the Buddha on this Vesak day.

“Regardless of race, religion, caste, or political affiliation, we must all unite to heal and rebuild our country. ”

The full statement is reproduced below:

The Vesak festival is a profoundly sacred day for Buddhists worldwide, commemorating the Buddha’s birth, enlightenment, and passing. Buddhists in Sri Lanka, along with their brethren around the globe, celebrate Vesak with deep devotion. They spend this period engaging in religious observances and venerating the Buddha with fervent devotion.

At this challenging moment, we as a nation should cultivate the same great zeal for enlightenment that Buddha exemplified, inspired by his sermon, “Maththasukha parichchaga- passé che vipulan sukhan” – to sacrifice today for a better tomorrow.

We must remember the advice of Lord Buddha, “Sabbattha Sammanaso,” to treat everyone equally and ensure we put it into practice as a country. This is the greatest offering we can present to the Buddha on this Vesak day. Regardless of race, religion, caste, or political affiliation, we must all unite to heal and rebuild our country. The principles of Lichchavi Raja Dharmaya will guide us in this endeavour.

Let us keep in mind that the primary aim of the Vesak festival is to foster spiritual growth and character development in a world rapidly advancing physically. I wish everyone a blessed Vesak festival.

Continue Reading

Sri Lanka to host foreign artistes, Sigiriya fashion show to promote tourism

ECONOMYNEXT- Sri Lanka plans to bring down international artistes, and hold water festivals to boost tourists, Sri Lanka Tourism Promotion Bureau Chairman, Chalaka Gajabahu said.

“We will be hosting a few international artists in September to December,” Gajabahu told EconomyNext.

“We would also be having a fashion show in Sigiriya.”

Sri Lanka is targeting 2.3 million tourists in the year 2024 with expectations that it may go up to 2.5 million Gajabahu said.

Sri Lanka is also planning on having a water festival in coastal towns such as Trincomalee, Arugambay  and Kalpitiya in order to showcase Sri Lanka’s capacity for watersports, Gajabahu said. (Colombo/May22/2024)

Continue Reading