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Thursday July 18th, 2024

Sri Lanka stocks continue to gain on tobacco, alcohol tax cuts

ECONOMYNEXT- Sri Lanka’s stocks gained 0.84 percent on Thursday, pushed up by Ceylon Tobacco Company (CTC) and Distilleries Company of Sri Lanka for the second day after the government announced tax cuts, brokers said.

The All Share Price Index (ASPI) at the Colombo Stock Exchange closed 43.08 points up at 5,984.50, rallying for the third straight day and making gains on a retreat seen since December 30 when the market reached 6,156.

Opening at a daily low, the index reached a high of 5,993.60 in the last hour of trading near the psychological 6,000 mark.

The S&P SL20 of more liquid stocks closed 0.97 percent or 27.77 points up at 2,877.06.

Market turnover was 604.54 million rupees, while 84 stocks gained and 41 fell.

There was high foreign investor participation, with net sales of 125.9 million rupees.

Ceylon Tobacco Company, a unit of British American Tobacco, closed 39.80 rupees up at 1,100.00 rupees a share, contributing most to the ASPI gain.

Alcohol maker Distilleries Company of Sri Lanka closed 40 cents up at 17.50 rupees a share and Sampath Bank closed 4.20 rupees up at 164.70 rupees a share, also contributing to the ASPI gain.

Sri Lanka’s largest brewer Lion and largest lender Commercial Bank too pushed the ASPI up.

The government this week decided to cut income taxes on tobacco, alcohol, gambling, banking and manufacturing industries.

A 64 million rupee negotiated trade (crossing) was seen in Sampath bank at 164.20 rupees a share.

Two crossings amounting to 118.8 million rupees was also seen in HNB at 162.00 rupees a share and the stock closed at 162 rupees a share. (Colombo/Jan 23/2020)

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Sri Lanka to conduct threat assessments for presidential candidates

ECONOMYNEXT – Sri Lanka’s President Ranil Wickremesinghe has submitted a cabinet paper proposing security measures for presidential candidates and former presidents, following the recent attack on former US President Donald Trump during a campaign rally in the USA.

“This proposal suggests the appointment of a committee to conduct threat assessments and provide necessary security for Presidential candidates as well as former Presidents,” a statement from his media division said.

The committee will include the Secretary of the Ministry of Public Security as Chair, the Chief of Defence Staff, the Inspector General of Police, the Chief of National Intelligence, and the Senior Deputy Inspector General of Police/Elections.

A Deputy Inspector General of Police will be appointed to oversee all security arrangements.

The committee and the designated officer will work closely with the Election Commission to ensure seamless coordination of security arrangements, the PMD said.

After today, July 17, Sri Lanka’s Election Committee is empowered to announce a date for the presidential polls due to be held this year.

Minister of Foreign Affairs M U M Ali Sabry has said the election will be held on October 5 or 12.

Members of the Samagi Jana Balawegaya (SJB) have said that the government should be accountable for the security of Opposition Leader Sajith Premadasa, the SJB’s presidential candidate. (Colombo/Jul17/2024)

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Sri Lanka rupee closes flat at 303.80/304.00 to US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed almost flat at 303.80/304.00 to the US dollar on Wednesday, from 303.70/304.00 to the US dollar on Tuesday, dealers said, while bond yields were down.

A bond maturing on 15.12.2026 closed at 10.60/75 percent, down from 10.82/92 percent.

A bond maturing on 15.12.2027 closed at 11.60/38 percent, down from 11.65/75 percent.

A bond maturing on 01.05.2028 closed at 11.72/78 percent, down from 11.80/90 percent.

A bond maturing on 15.09.2029 closed at 12.05/10 percent, down from 12.05/20 percent. (Colombo/Jul17/2024)

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Sri Lanka stocks close down, John Keells, Hemas, Hayleys push turnover

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

The broader All Share Index closed down 0.41 percent, or 48.44 points, at 11,830; while the more liquid S&P SL20 Index closed down 0.52 percent, or 17.91 points, at 3,456.

Turnover was 1.2 million. A big part of this (Rs597mn) came from John Keells Holdings Plc (down at 194.25).

“There was foreign buying interest on John Keells and Hemas,” Softlogic Stockbrokers said.

“We saw foreign interest in selective counters persist.”

Hemas Holdings Plc contributed Rs143mn to the turnover, and the share closed down at 81.10.

Hayleys Plc contributed Rs156mn to the turnover, and the share closed up at 101.50.

The three crossings made up 67 percent of the turnover.

The capital goods counters, with all the bluechips, was the leading sector contributing to the day’s turnover.

With the exception of Hayleys and a couple of other companies, the counter saw most stocks close down or flat.

Sentiment around the banking counters also remained negative.

“The volatility in investor sentiments persisted. There are a lot of spectators in the market over the last few weeks, despite some positive news coming in.”

Treasury bill and bond rates have also dropped.

The top contributors to the ASPI were Melstacorp Plc (up at 86.00), SMB Finance Plc (up at 0.70), and TeeJay Lanka Plc (up at 40.00).

There was a net foreign inflow of 392 million. (Colombo/Jul17/2024)

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