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Tuesday June 18th, 2024

Sri Lanka stocks end 2-pct higher

ECONOMYNEXT – Sri Lanka stock market closed 2.21 percent higher on Wednesday continuing the surge pushed by index heavy Expolanka Holdings, Commercial Leasing and Finance and LOLC Holdings, Colombo Stock Exchange Provisional Data showed.

Colombo’s All share price index gained 2.21 percent or 160.99 points to close at 7,443.23.

The S&P SL20 index of more liquid stocks gained 1.62 percent or 44.47 points to close at 2,786.88.

The market turnover was 9.06 billion rupees with 124 stocks gaining and 88 falling.

Expolanka Holdings contributed most to the ASPI gain, closing 5.70 rupees up at 47.00 rupees a share.

Commercial Leasing and Finance gained 1.40 rupees a share to close at 7.00 rupees and LOLC Holdings closed 15.75 rupees up at 181.50 rupees a share.

In the banking sector Hatton National Bank fell 1.25 rupees to close at 126.75 rupees, Sampath Bank closed 1.75 rupees down at 138.25 rupees a share and DFCC Bank fell 40 cents to close at 63.30 rupees while Commercial Bank of Ceylon closed flat at 82.00 rupees.

In the hotel sector Eden Hotel Lanka closed 10 cents down at 10.90 rupees a share, Aitken Spence Hotel Holdings closed flat at 34.00 rupees, John Keells Hotels closed flat at 10.70 rupees a share and Sigiriya Village hotel closed 1.80 rupees down at 34.00.

Distilleries Company closed 50 cents up at 22.90 rupees and Melstacorp Plc closed 2.20 rupees up at 56.80 rupees a share while Sri Lanka telecom closed 30 cents up at 38.50 rupees a share.

John Keells Holdings closed 3.00 rupees up at 153.50 rupees while Browns Investments closed 10 cents down at 7.40 rupees a share.

Ceylon Tobacco Company gained 1.50 rupees to close at 1,120.25 rupees while Ceylon Cold Company closed 2.50 rupees up at 699.75 rupees a share.

Hayles Plc closed 17.75 rupees up at 470.25 rupees and Softlogic Holdings closed 40 cents up at 13.40 rupees.

Tokyo Cement Company fell 50 cents to close at 79.00 rupees while Piramal Glass Ceylon closed 90 cents up at 10.60 rupees a share.

Nestle Lanka gained 32.75 rupees to close at 1,332.75 rupees a share and Dialog Axiata closed flat at 12.70 rupees.

Aitken Spence Plc closed 10 cents up at 58.00 rupees and Carson Cumberbatch closed 11.75 rupees up at 317.25 rupees.

Dipped products gained 15.75 rupees to close at 381.50 rupees a share while Haycarb gained 10.00 rupees to close at 685.00 rupees.

Lanka Ceramic closed 7.50 rupees up at 155.75 rupees a share while Royal Ceramic Lanka gained 1.25 rupees to close at 197.50 rupees a share.

The Materials industry was the most active, gained 3.6 percent. (Colombo/January 13/2021)

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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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