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Tuesday June 18th, 2024

Sri Lanka stocks close up 0.9-pct driven by banks

ECONOMYNEXT – Sri Lanka stock market closed 0.97 percent higher Wednesday, recovering ground from a correction a day earlier as investors piled into banks, finance companies and Hayleys group export units, brokers said.

Colombo’s All share price index gained 0.97percent or 75.48 points to close at 7,884.45, a little short of the psychological 8,000 mark.

The index fell to an intra-day low of 7,677.37 in the first hour into trading but picked up and continued to increase throughout the day.

The S&P SL20 index of more liquid stocks gained 1.27 percent or 37.32 points to close at at 3,096.35.

The market turnover was 9.3 billion rupees with 124 stocks gaining and 84 falling with banks and finance companies dominating, though a direction from the central bank restricting dividends and some expenses gave some investors pause.

Hatton National Bank closed 50 cents up at 139.50 rupees, Sampath Bank closed 4.75 rupees up at 166.75 rupees, Commercial Bank of Ceylon gained50 cents to close at 96.70 rupees and DFCC Bank closed 80 cents up at 71.40 rupees.

Nationas trust bank gained 70 cents to close at 66.70 rupees, Pan Asia Banking Corporation gained 10 cents to 18.70 rupees and Seylan Bank gained 6.50 rupees or 10.94 percent to close at 65.90 rupees.

Central Finance Company gained 4.90 rupees or 5.59 percent to close at 92.60 rupees, LB Finance gained 23.75 rupees or 14.59 percent to close at 186.50 rupees and Peoples Leasing and Finance gained 60 cents to close at 15.10 rupees a share while Citizens Development Business Finance fell 2.00 rupees or 1.78 percent to close at 110.50 rupees.

Hayleys Plc contributed most to the ASPI gain, closing 80.00 rupees or 16.08 percent up at 577.50 rupees a share with key subsidiaries Dipped Products rising 24.00 rupees to close at 441.00 rupees a and Haycarb up 49 to close at 770.25 rupees.

Vallibel One gained 3.70 rupees or 9.07 percent to close at 44.50 rupees a share

Expolanka Holdings gained 1.30 rupees to close at 51.30 rupees and Access Engineering gained 30 cents to close at 30.80 rupeeswhile Browns investments close 10 cents down at 6.80 rupees a share and its parent company LOLC Holdings fell 3.75 rupees to close at 231.75 rupees.

Sri Lanka will open all airports for tourist from January 21 and tourism Minister Prasanna Ranatunga said a maximum of 2,500 would be allowed in at first.

In the hotel sector Eden Hotel Lanka closed 30 cents up at 13.80 rupees, Sigiriya Village hotel closed 1.60 rupees up at 35.90 rupees while Aitken Spence Hotel holdings fell 40 cents to close at 33.70 rupees andJohn Keels Hotels closed 3.25 rupees down at 157.00 rupees a share.

Sri Lanka Telecom closed 50 cents up at 40.50 rupees while Melstacorp Plc closed flat at 60.20 rupees.

John Keells Holdings closed 3.25rupees down at 157.00 rupees a share and Richard Pieris Company closed 30 cents down at 15.40 rupees.

Ceylon Tobacco Company gained 6.75rupees to close at 1,116.50 rupees, Ceylon Cold stores closed 1.00 rupee up at 710.00 rupees and Distilleries Company gained10 cents to close at 23.30 rupees.

EB Creasy and Company rose 946.50 rupees up at 7,782.75 rupees while Hemas Holdings closed 10 cents up at 95.10 rupees.

Tokyo Cement Company gained 50 cents to close at 86.00 rupees while Cargills Ceylon closed flat at 217.00 rupees a share.

Nestle Lanka closed 12.00 rupees down at 1,264.50 rupees while Dialog Axiata closed 10 cents up at 12.80 rupees.

Aitken Spence Plc closed 20 centsup at 67.60 rupees and Carson Cumberbatch closed 5.50 rupees up at 305.50 rupees.

Lanka Ceramic closed 4.25 rupees down at 142.25 rupees a share while Royal Ceramic Lankagained 3.50rupees to close at 215.75 rupees a share.

Sri Lanka record a net foreign sales of 535.8 million rupees today.

The Banks industry was the most active, gained 2.1 percent and Capital Goods Industry which was also active gained 1.5 percent today. (Colombo/January 20/2021)

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Sri Lanka’s Ceylon Chamber links up with Gujarat Chamber

ECONOMYNEXT – The Ceylon Chamber of Commerce has signed an agreement with the Southern Gujarat Chamber of Commerce and Industry (SGCCI) to increase trade cooperation between India and Sri Lanka.

The MOU was signed by CCC CEO Buwanekabahu Perera, SGCCI President Ramesh Vaghasia, in the presence of Dr Valsan Vethody, Consul General for Sri Lanka in Mumbai, India.

“With the signing of the MoU, … the Ceylon Chamber of Commerce and SGCCI aim to facilitate trade between the two countries via initiatives such as trade fairs and delegations, business networking events, training programmes,” the Ceylon Chamber said in a statement.

“This partnership will open doors for Sri Lankan businesses to explore opportunities in Surat’s dynamic market and enable the sharing of expertise and resources between the two regions.”

Established in 1940, SGCCI engages with over 12,000 members and indirect ties with more than 2,00,000 members via 150 associations. It promotes trade, commerce, and industry in South Gujarat.

The region’s commercial and economic centre Surat has risen to prominence as the global epicenter for diamond cutting and as India’s textile hub, and is ranked the world’s 4th fastest growing city with a GDP growth rate of 11.5%

Surat’s economic landscape is vibrant and diverse. As India’s 8th largest and Gujarat’s 2nd largest city, it boasts the highest average annual household income in the country.

The nearby Hazira Industrial Area hosts major corporations like Reliance, ESSAR, SHELL, and L&T. (Colombo/Jun18/2024)

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Sri Lanka telecommunications bill some clauses ruled unconstitutional by SC: Speaker

ECONOMYNEXT – Sri Lanka’s Supreme Court has found a number of clauses in a proposed amendment to the Telecom Telecommunications Amendment bill unconstitutional, speaker Mahinda Yapa Abeywardana said.

“Clause No 8, proposed section 9A 2 of the bill is inconsistent with Article 12 1 of the constitution, however this inconsistency shall cease if word ‘may’ will be replaced with word ‘shall’ as set out in the determination of the supreme court.”

“Clause No 9 is inconsistent with Article 12 1 of the constitution and only can be passed with special majority required under paragraph 2 of the Article 84. However, the inconsistency shall cease if clause is amended as set out in the determination of the supreme court.

Clause No 12, proposed section 17 10 of the bill is inconsistent with Article 12 1 of the constitution and can only be passed with special parliament majority required under Article 84 paragraph 2. However, the inconsistency shall cease if clause is amended as set out in the determination of the supreme court.”

Sections of clauses 13, 18, 20, 33 and 35 were also in violation of the constitution, and could only be passed by a special majority of parliament. (Colombo/Jun18/2024)

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Sri Lanka to exempt one house from imputed rent wealth tax: President

ECONOMYNEXT – Sri Lanka will exempt one house from a proposed wealth tax outlined in an International Monetary Fund program, President Ranil Wickremesinghe said.

About 90 percent of the people’s houses are likely to be exempt from the proposed tax, he said.

“[O]ne house will be exempt from this,” President Wickremesinghe told parliament Monday.

“It is going to have a very high threshold and I do not think the vast majority of the people in this country should even be worried about their house

“Don’t worry your house will be safe.”

The IMF program document however did not mention an exempt on one house, but did mention a threshold.

Taxing houses and thrift in general could have detrimental effects on people’s well-being housing stock and their willingness to remain in the country without migrating, critics say.

Related Sri Lanka to tax imaginary rents on houses under IMF deal

The mechanism of imputed rents was used because rates on houses was assigned to provincial councils and courts could strike it down.

Opposition legislator Harsha de Silva said the Samagi Jana Balwegaya welcomed President Wickremesinghe’s statement. (Colombo/June18/2024)

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