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Sunday December 4th, 2022

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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Paris Club proposes 10-year moratorium on Sri Lanka debt, 15 years of debt restructuring

ECONOMYNEXT — The Paris Club group of creditor nations has proposed a 10-year debt moratorium on Sri Lankan debt and 15 years of debt restructuring as a formula to resolve the island nation’s prevailing currency crisis, India’s The Hindustan Times reported.

While the Paris Club has yet to formally reach out to India and China, Colombo has yet to initiate a formal dialogue with the Xi Jinping regime, the newspaper reported on Saturday December 03, inferring that the chances of the International Monetary Fund (IMF) approving its 2.9 billion dollar extended fund facility for Sri Lanka in December now ranges from very low to nonexistent.

“This means that Sri Lanka will have to wait for the March IMF meeting of the IMF before any aid is extended by the Bretton Woods institution,” the newspaper reported.

“Fact is that for Sri Lanka to revive, creditors will have to take a huge hair cut with Paris Club clearly hinting that global south should also take the same cut as global north notwithstanding the inequitable distribution of wealth. In the meantime, as Colombo is still to get its act together and initiate a dialogue and debt reconciliation with China, it will need bridge funding to sustain the next three month before the IMF executive board meeting in March 2023. Clearly, things will get much worse for Sri Lanka before they get any better—both economically and politically,” the report said. (Colombo/Dec04/2022)

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Sri Lanka’s Ceylon tea prices up amid low volumes

ECONOMYNEXT – Sri Lanka tea prices picked up at the last auction in November amid low volumes, brokers said.

“Auction offerings continued to record a further decline and totalled 4.2 million Kilograms, of which Ex-Estate offerings comprised of 0.6 million Kilograms. There was good demand,” Forbes and Walker Tea brokers said.

“In the Ex-Estate catalogues, overall quality of teas showed no appreciable change. Here again, there was good demand in the backdrop of extremely low volumes.”

High Growns

BOP Best Westerns were firm to 50 rupees per kg dearer. Below best and plainer types were Rs.50/- per kg easier on last.

Nuwara Eliya’s were firm.

BOPF Best Westerns were firm to selectively dearer. Below best and plainer teas declined by 50 rupees per kg.

Uva/Uda Pussellawas’ were generally firm and price variances were often reflective of quality with the exception of Select Best Uva BOPF’s which were firm and up to 50 rupees per kilogram dearer.

CTC teas, in general, were mostly firm.

“Most regular buyers were active, with perhaps a slightly more forceful trend from the local trade,” brokers said.

Corresponding OP1’s met with improved demand. Well-made OP/OPA’s in general were fully firm, whilst the Below Best varieties and poorer sorts met with improved demand. PEK/PEK1’s, in general, were fully firm to selectively dearer.

In the Tippy catalogues, well-made FBOP/FF1’s sold around last levels, whilst the cleaner Below Best and cleaner teas at the bottom appreciated. Balance too were dearer to a lesser extent.

In the Premium catalogues, very Tippy teas continued to attract good demand. Best were firm to selectively dearer, whilst the Below Best and cleaner teas at the bottom appreciated

Low Growns

Low Growns comprised 1.8 million Kilograms. Market met with improved demand, in general.

In the Leafy & Semi Leafy catalogues, select Best BOP1/OP1’s were fully firm, whilst the Below Best/bolder BOP1’s were barely steady.

Low-grown teas, farmed mainly by smallholders and exported to the Middle East and Central Asia, are the most sought-after and expensive Ceylon Teas.

Low-grown CTC prices have gained this week to 982.80 per kilogram this week from 934.76 per kilogram last week.

Few Select best BOP1s maintained, whilst best and below best were irregularly lower. Poorer types maintained.

BOPF’s in general, firm market.

FBOPF/FBOPF1’s select best and best increased in value, whilst the below best and bottom held firm.

Selected best BOP1’s maintained, whilst best and below best were irregularly lower.Poorer types maintained.

OP1’s selects best together with best and below best were firm to dearer. Poorer sorts were fully firm.

Medium Growns

BOPF’s, select best gained by 50 rupees per kilogram. Others maintained.

BOP1’s select best dearer by 100 rupees per kg whilst all others moved up by 50 rupees per kg.

OP1: select best gained by 100 rupees per kg whilst all others dearer by 100 rupees per kg.

OP/OPA’s in general, dearer by 50 rupees per kg whilst the poorer sorts were firm.

PEK’s Select best gained by 50 rupees per kg whilst all others maintained. PEK1: In general, dearer by 50 rupees per kg. (Colombo/Dec 04/2022)



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Sri Lanka Ports Authority East Terminal contractor paid: Minister

ECONOMYNEXT – Sri Lanka’s Ports Authority had paid a deposit for a gantry crane and made the required payment for the contractor to complete building the East Container Terminal, Minister Nimal Siripala De Silva said.

The East Container Terminal, a part of which is already built is being completed as a fully SLPA owned terminal at a cost of 480 million dollars Ports and Shipping Minister de Silva said.

“ECT we are funding with money available in the ports authority,” he said.

“Up to now we have paid an advance for the gantry crane. And for the construction we have paid all the money agreed with the contractor. So that is going on well.”

Sri Lanka is undergoing the worst currency crisis in the history of the island’s soft-pegged (flexible exchange rate) central bank which has created difficulties in funding the project.

“Every penny we collect as dollars we are keeping them separately and utilizing that for the Eastern Terminal work,” Minister de Silva said.

“We are confident that the ECT will be completed within the envisaged time. It is a difficult task in view of the dollar problem.

Banks were also not releasing the dollar deposits of the SLPA earlier but are now doing so, he said.

“Our deposits in banks they have utilized for urgent other national purposes,” he said.

“So they are releasing that money slowly. I am happy that they are releasing that money little by little. So with that we will be able to manage that.”

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