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Tuesday May 21st, 2024

Sri Lanka stocks extend gains rising 1.9-pct

ECONOMYNEXT – Sri Lanka stocks gained 1.95 percent on Thursday continuing for the second day, pushed up by LOLC Holdings, Brown Investments and John Keells Holdings, Colombo Stock Exchange said.

Turnover was 3.3 billion rupees with 136 stocks gaining and 59 falling.

The Colombo benchmark All Share Price Index gained 148.02 points to close at 7,736.36.

The index fell to a daily low at 7,627.89 in the first hour into trading but picked up and continue to increase throughout the day on Volatile Trading.

The S&P SL20 index of more liquid stocks gained 2.30 percent or 69.57 points to close at 3,097.23.

LOLC Holdings of Ishara Nanayakkara gained 45.75 rupees or 13.38 percent to close at 387.75 rupees.

LOLC Finance, gained 40 cents to close at 7.20 rupees, Browns and Company gained 20.25 rupees to close at 199.00 rupees while Browns investments closed 50 cents up at 5.50 rupees.

John Keells Holdings gained 3.75 rupees to close at 160.00 rupees while Vallibel One fell 10 cents to close at 63.90 rupees.

Hayleys Plc closed 4.30 rupees up at 73.10 with key subsidiaries Dipped Products gaining 1.70 to close at 62.90 rupees and Haycarb Plc gaining 7.75 to close at 119.00 rupees.

The Kingsbury Plc closed 20 cents up at 11.70, Singer Industries Ceylon closed 8.30 rupees up at 98.70 and Unisyst Engineering closed 30 cents up at 15.30 rupees.

Ceylon Tobacco Company closed 15.50 rupees down at 1,084.25 Ceylon Cold Stores closed 1.25 rupees down at 662.50 while Piramal Glass Ceylon closed 20 cents up at 10.00.

Expolanka gain 90 cents to close at 47.90 rupees and Melstacorp Holdings closed 1.10 rupees up at 50.90.

Royal Ceramic Lanka closed 1.75 rupees up at 329.75, Lanka Tiles gained 25 cents to close at 233.75 rupees while Lanka Walltiles closed 25 cents down at 237.00 and Lanka Ceramic closed 2.25 rupees down at 134.25 rupees.

Hatton National Bank closed 50 cents down at 136.00 rupees and Commercial Bank of Ceylon closed flat at 88.20 rupees.

DFCC Bank closed 1.60 cents up at 64.70 rupees and Sampath bank flat at 160.00 rupees while Nations Trust Bank fell 10 cents to close at 58.90 rupees.

Seylan Bank closed 1.20 rupees down at 51.70 and Pan Asia Banking Corporation gained 40 cents to close at 17.80 rupees.

Central Finance Company gained 80 cents to close at 97.60 rupees and Citizens Development Business Finance gained 8.25 rupees to close at 123.25 rupees, Alliance Finance Company gained 1.20 rupees to close at 52.50 rupees.

Sinhaputhra Finance closed 10 cents up at 7.50 rupees. Housing Development Finance gained 10 cents to close at 39.80 rupees while Softlogic finance closed 20 cents down at 10.40 rupees.

Cargills Ceylon fell 75 cents to close at 235.00 rupees, Distilleries Company gained 50 cents to close at 20.50, Hemas Holdings fell 20 cents to close at 85.30 rupees and Ceylon Grain Elevators fell 3.50 rupees to close at 136.25 rupees.

In the hotel sector Eden Hotel Lanka closed 20 cents up at 11.20 rupees, Sigiriya Village hotel closed flat at 33.50, Aitken Spence Hotel Holdings gained 1.00 rupee to close at 31.70 and John Keels Hotels closed 30 cents up at 10.60.

Carson Cumberbatch fell 1.00 rupees to close at 299.00 rupees while Access Engineering gained 70 cents to close at 25.20 rupees.

Nestle Lanka closed flat at 1,171.00 rupees while Aitken Spence Plc closed 10 cents down at 63.20 rupees.

Sri Lanka Telecom closed 90 cents down at 35.70 rupees and Richard Pieris and Company closed 1.00 rupee up at 18.00 rupees while Dialog Axiata closed flat at 12.40 rupees.

Net foreign sales for the day is 123.1 million rupees.

The Capital Goods Industry was the most active, gained 2.5 percent today. (Colombo/Feb18/2021)

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Sri Lanka declares May 21 as National Mourning day over Iranian President’s death

ECONOMYNEXT – Sri Lanka declared a national mourning day on Tuesday, May 21 in view of expressing its solidarity with Iran after sudden death of Iran President Ebrahim Raisi following a helicopter crash.

President Raisi and eight others including Iranian Foreign Minister Hossein Amir Abdollahian were killed in the crash when the helicopter had a “hard landing” reportedly due to adverse weather conditions with heavy fog. However, President’s two convoy helicopters reached the destination safely.

“The Sri Lankan government has declared a national mourning day on tomorrow (May 21) on behalf of the sudden death of Iranian president Mr. Ebrahim Raisi,” the Department of Government Information said in a statement.

It also urged all the state institutions have to hoist the national flag half mast.

Raisi was in Sri Lanka on April 24 to launch the Uma Oya dam on a one-day official visit amid tight security. His helicopter crashed when he was returning to Iran after launching a dam in the Azerbaijan border.

President Raisi is seen as a hardliner and a potential successor to Supreme Leader Ayatollah Ali Khamenei.

Earlier this month, Sri Lanka’s Foreign Minister Ali Sabry said the island nation will deal with Iran for investments and trade without being caught into the United States-led sanctions.

Sri Lanka was unable to receive $450 million from Iran for a recently opened Uma Oya multipurpose project started before the sanctions.

Sri Lanka now exports tea to Iran for no dollar payment. Instead, Sri Lanka tea producers are paid by the state-owned Ceylon Petroleum Corporation (CPC) in rupees for the pending crude oil import payments for Iran.

President Ranil Wickremesinghe expressed his condolences on the tragic incident.

“Sri Lanka is deeply shocked and saddened by the tragic death of President Ebrahim Raisi, Foreign Minister Amir Abdollahian and other senior Irani official,” he said in his official X-platform.

“I express my deepest sympathies and sincere condolences to the bereaved families, the government and the people of Iran.”

Raisi, a Muslim jurist, served as the eighth president of Iran from 2021 until his death. (Colombo/May 20/2024)

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Sri Lanka helps launch Global Blended Finance Alliance

ECONOMYNEXT – Sri Lanka has joined a group of nations led by Indonesia which aims to mobilise capital to achieve carbon neutrality, Minister of Water Supply and Estate Infrastructure Jeevan Thondaman said.

The Global Blended Finance Alliance mooted by Indonesia in 2018, was formally launched at the World Water Forum in Bali today.

Among the other founding members are Fiji, France, UAE, Kenya, Luxembourg and Canada.

“Through our collective efforts, the Global Blended Finance Alliance aims to mobilise both public and private capital to help nations achieve carbon neutrality and the SDGs,” Thondaman said on social media platform X (twitter).

“The world has a USD 2.5 trillion funding gap to achieve the Sustainable Development Goals (SDGs) by 2030,” he said.

Blended finance is the strategic use of development finance, such as public and/or philanthropic funds, for the mobilisation of additional commercial finance towards sustainable development in developing countries. (Colombo/May20/2024)

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Sri Lanka rupee closes slightly stronger at 299.60/75 to US dollar

ECONOMYNEXT – Sri Lanka’s rupee appreciated slightly to close at 299.60/75 to the US dollar on Friday, from 299.70/80 the previous week, dealers said. Bond yields were up.

A bond maturing on 15.12.2026 closed up at 10.15/35 percent from 10.05/15 percent.

A bond maturing on 15.09.2027 closed up at 10.45/55 percent from 10.25/40 percent.

A bond maturing on 01.07.2028 closed at 10.80/90 percent.

A bond maturing on 15.01.2030 closed at 11.70/80 percent.

A bond maturing on 01.10.2032 closed up at 11.90/12.05 percent from 11.85/12.00 percent. (Colombo/May20/2024)

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