An Echelon Media Company
Wednesday September 27th, 2023

Sri Lanka stocks edge up in lackluster trade; banks down after rally on expected IMF approval

ECONOMYNEXT –  Sri Lanka stocks closed tad higher on Thursday in thin trade as the positive sentiments from the expected IMF loan approval evaporated with investors looking for profit taking in banks, brokers said.

The main All Share Price Index (ASPI) closed up 0.09 percent, or 8.76 points, at 9,596.55, its highest since March 10.

The market gained during the first hour of trading, but showed a decline during mid-day trade with the selling pressure on banks.

“Selling pressures were seen in banks, because there has been an 80 percent gain in shares in the last two weeks,” an analyst said.

“This is solely due to the confidence in succeeding a long awaited International Monetary Fund agreement for 2.9 billion dollars.”

He said the market heavyweight Expolanka also witnessed some profit taking as there had been decline on freight rates, meaning that  income and profit are likely to go down.”

After receiving China’s assurance for debt restructuring and Sri Lanka’s Letter of Intent for the IMF Executive Board’s approval, President Ranil Wickremesinghe said that it is expected to receive the Executive Board’s approval later this month.

According to IMF officials, the proposal will be reviewed by its Executive Board on March 20.

The market saw a net foreign inflow of seven million rupees and that extended the total offshore inflows recorded so far in 2023 to 3.2 billion rupees.

The most liquid index, S&P SL20, closed 0.16 percent, or 4.61 points, up at 2,814.61.

The market saw a turnover of 1.2 billion rupees on Thursday, below this year’s daily average of 1.9 billion rupees.

The top gainers were LOLC Holdings, Hayleys, and Commercial Bank.

Analysts said some investors bought shares in Commercial Bank while selling other banks amid uncertainty over domestic debt restructuring. (Colombo/March16/2023)

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Your email address will not be published.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Your email address will not be published.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 to have country pavilion at COP28 in bid for Climate Justice Forum

ECONOMYNEXT – Sri Lanka’s Cabinet has approved the proposal by its Minister of Environment to maintain a country pavilion during the 28th Conference of Parties (COP28), to display “national level initiatives related to climate change”.

Sri Lankan delegates representing the country’s interests at COP28 in November are to present a proposal to establish a forum, with the aim of raising a “common voice” for the aspirations of developing countries in the global dialogue over climate change.

While attending COP28 to the UN Framework Convention on Climate Change from 30 November to 12 December in Dubai, the Sri Lankan delegation is to present the proposal to the official body requesting permission for Sri Lanka to initiate a “Climate Justice Forum”.

The Cabinet decision said that the purpose of the forum is “raise a common voice regarding the aspirations of developing countries, together with countries that are more likely to be at risk due to climate change”. (Colombo/Sep27/2023)

Related story
Crisis-hit Sri Lanka plans to trade off debt with climate vulnerabilities at AP meeting

Continue Reading

Sri Lanka’s sex workers face false charges: Women’s collective

ECONOMYNEXT – Sri Lanka’s sex workers have faced fundamental rights violations including unlawful detention and cruel, inhumane and degrading treatment, a representative of the Abhimani Women’s Collective said at a conference yesterday (26).

“Following their arrest, sex workers frequently experience the infringement of their fundamental rights, including the right to fair treatment, due process and protection from cruel and inhumane treatment,” said a report by the Abhimani Women’s Collective.

Soliciting on the street is currently illegal under section 7 1 (a) of the Vagrants Ordinance which criminalizes ‘any person in and about any public place soliciting any person for the commission of any act or of illicit sexual intercourse or indecency.

This provision along with section 2 of the Brothel’s Ordinance, which criminalizes the aiding and abetting of the management of a brothel, has been used to arrest sex workers in the country.

However, many sex workers claim that they have been presented before court on false charges of drug possession and have been subjected to harassment by both Police and customers.

“When inquiries are made over our arrest, the police say that we have been charged with drug possession,” Sakuni Mayadunna, a sex worker, said.

“Prostitution is not legal in Sri Lanka, so therefore, sex workers will face problems,” Chief of Police in charge of the Child and Women Abuse Prevention, Renuka Jayasundara, said.

“However, every citizen has fundamental rights in this country. We have not authorized the Police to carry out actions such as hitting detainees or not providing a female officer. If those actions happen, a complaint must be filed.”

Attorney-at-Law for the legal aid commission, Ganga Somarathna, said that the legal aid commission provides legal support for such victims whose income is below 45,000 rupees and also for women and children. (Colombo/Sep27/2023)

Continue Reading

Sri Lanka to introduce social security system: minister

ECONOMYNEXT – Sri Lanka’s Labour minister has said that they are set to introduce a comprehensive national social security system, covering all workers.

“The system will address the weaknesses of the current system and provide much-needed support to workers and their families,” Manusha Nanayakkara, Minister of Labour and Foreign Employment said on X (formerly known as Twitter).
He did not specify the details.

Nanayakkara also spoke of the need for robust social security when he met with exporters last week to discuss labor law reforms, boosting female workforce participation and attracting FDI.

Sri Lanka plans to reform labour laws for an export-oriented economy.

The pandemic and the economic crisis highlighted the need to improve the coverage of social security.

Studies have shown that Sri Lanka’s women are kept out of formal employment by childcare, elderly care and housework, as day care and elderly homes are either too expensive or too few.

The government imposed a Social Security Contribution Levy to increase its revenue last year. (Colombo/Sep27/2023)

Related stories
Unpaid care work keeps Sri Lanka’s women out of workplace: Researchers

Sri Lanka’s pandemic-hit unemployment show need for social security: IPS

Continue Reading