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Friday June 14th, 2024

Sri Lanka stocks close up 2.6-pct driven by Combank, JKH

ECONOMYNEXT – Sri Lanka’s stocks closed 3.26 percent higher on Thursday with index heavy John Keells and Commercial Bank making gains, recouping previous day’s losses, brokers said.

Colombo’s main, All Share Price Index (ASPI) climbed 151.65 points to 4,806.87 topping 4,700 points two days earlier.

The S&P SL20 Index of more liquid stocks went up by 8.28 percent or 157.57 points to 2,061.17.

Meanwhile, John Keells Holdings stocks gained 7.90 rupees to close at 103.00 rupees a share, contributing most to ASPI’s gain.

Commercial Bank of Ceylon stocks up 8.10 rupees, trading at 70.20 rupees a share while LOLC Holdings stocks adbanced 10.20 rupees to trade at 115.00 rupees a share also contributing to the ASPI’s gain.

Banks continued to make gains, amid a ‘wall-of-worry’, one analysts said.

Market turnover was 2.3 billion rupees with 128 stocks making gains and 39 stocks falling.

Out of 2.3 billion turnover, 79 percent to the turnover was contributed by the banking sector with Hatton National Bank (HNB) generating 1.2 billion rupees and Commercial Bank of Ceylon generating 406 million rupees.

There were also two crossing in HNB and John Keells Holdings counters with HNB having a total of 2.4 million shares traded between 105.00 to 105.50 rupees a share in five crossing and JKH trading 0.75 million shares at 103.00 in two crossing.

The total number of trades in the market reached roughly 12,454, the highest number of trades in this month so far.

In the secondary government securities market, bond yields fell triggered by Central Bank’s second bond buy back auction, dealers said.

A bond maturing on 10.08.2021 was quoted at the moment at 7.00/10 percent on Thursday.

A 2-year bond maturing on 01.10.2022 was quoted at 7.70/80 percent.

A bond maturing on 15.01.2023 was quoted at 7.95/8.00 percent.

A bond maturing on 15.09.2024 was quoted at 8.45/50 percent on Thursday.

A bond maturing on 15.10.2027 was quoted at 8.80/85 percent.

(Colombo/May21/2020)

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Sri Lanka opposition leader proposes Grama Rajya system in addition to 13A

Opposition leader Sajith Premadasa (r) – File photo

ECONOMYNEXT — Sri Lanka opposition leader Sajith Premadasa has proposed devolving power to the village level through a Grama Rajya system in addition to implementing the 13th amendment to the constitution.

Speaking at an event in Jaffna on on Wednesday June 12, Premadasa said all provinces will benefit from the 13th amendment.

“Whatever one’s ethnicity, religion, status or region, this country has citizens of equal level. They’re all Sri Lankan citizens.

“There is no division or grouping.  As we give you and every other province what you should be given through the 13th amendment, we must implement a Grama Rajya system,” Premadasa said, addressing a crowd of school children and other attendees.

Premadasa’s assurance of implementing the 13th amendment has already drawn some protest in the south.

A collective of civil society organisations held a protest outside the office of the leader of the opposition in Colombo on Thursday June 12.

Calling itself the ‘Coalition Against Partition of Sri Lanka’, the group carrying national flags marched up to the opposition leader’s office Thursday June 13 morning and demonstrated against the full implementation of the 13th amendment.

“We arrived here today to hand over a missive against devolving police powers, land powers and judicial powers. If Mr Premadasa is inside, come outside,” Jamuni Kamantha Thushara, Chairman of the Citizen’s Movement Against Fraud, Corruption, and Waste, was seen declaring at the site.

“First of all, tell us what we stand to achieve by dividing and giving away the north and east,” said another protestor, warning against bringing the 13th amendment “anywhere here (paththa palaathe)”.

A police officer at the scene the protestors that a secretary to the opposition leader was ready to accept their letter.

“In Kilonochchi, he says the 13th amendment will be implemented. The votes in the north are going to be decisive this election. To win those votes, President Ranil Wickremesinghe, Sajith and Anura Kumara Dissanayake all say they will implement the 13th. We will not allow this country to be divided into nine pieces,” said Thushara.

Ven Balangoda Kassapa Thero, who was arrested on June 06 during a protest against the new Electricity Act, was also seen at Thursday’s protest. The Buddhist monk requested for a debate with Premadasa on the matter of the 13th amendment. (Colombo/Jun12/2024)

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Sri Lanka rupee closes flat at 303.85/95 to US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed broadly flat at 303.85/95 to the US dollar on Thursday, from 303.80/304.00 to the dollar the previous day, dealers said. Bond yields were down.

A bond maturing on 15.12.2026 closed at 10.00/30 percent, down from 10.20/40 percent.

A bond maturing on 15.10.2027 closed at 10.60/75 percent.

A bond maturing on 01.07.2028 closed at 11.00/15 percent, down from 11.15/40 percent.

A bond maturing on 15.09.2029 closed at 11.80/85 percent.

A bond maturing on 15.05.2030 closed at 11.85/12.05 percent, down from 11.90/12.05 percent.

A bond maturing on 01.10.2032 closed stable at 11.95/12.15 percent. (Colombo/Jun13/2024)

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Sri Lanka sells Rs295bn in 2027 to 2031 bonds

ECONOMYNEXT – Sri Lanka has sold 295 billion rupees in 2027, 2029 and 2031 bonds, data from the state debt office showed.

The debt office sold an offered 60 billion rupees of 15 October 2027 at an average yield of 10.30 percent.

All offered 125 billion rupees of 15 September 2029 bonds were sold at 11.00 percent.

All 110 billion rupees offered of 01 December 2031 bonds were sold at 12.00 percent. (Colombo/May13/2024)

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