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Sunday December 3rd, 2023

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 UGC wants to boost number of IT-related degrees

ECONOMYNEXT – Sri Lanka’s University Grants Commission is of the view to boost the number of Information Technology (IT) related degrees in state universities with an aim to pave the way for a digital economy.

Sri Lanka’shigher education system has been producing more graduates in Arts stream while the degrees in highly demanded IT and other engineering services are being looked at only now.

“We do have a high demand for engineering, science, AI, computer and electronical engineering

studies,” Chairman of University Grants Commission, Sampath Amaratunga, told reporters at aa media briefing on Friday

“However, while avoiding neglecting the humanities, we should develop new IT skills.”

Amaratunga confirmed that a student who studied in any stream could obtain an IT degree, including students who studied in the arts stream.

The UGC data show that out of 18,490 engineering technology stream students who sat for their Advanced Levels (A/L) in 2022, 10634 were eligible for university.

“Even streams like agriculture should be encouraged to use technology,” Amaratunga said. (Colombo/Dec 2/2023)

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Sri Lanka leader inaugurates Climate Justice Forum at COP28 in Dubai

ECONOMYNEXT – Sri Lanka President Ranil Wickremesinghe launched Climate Justice Forum (CJF) at the ongoing 2023 United Nations Climate Change Conference (COP28) held in Dubai in a move to gather support for vulnerable nations hit by climate-change led disasters.

This year’s climate summit held in Dubai’s EXPO2020 features a raft of issues for countries working to find common ground in tackling climate change, including whether to phase out fossil fuels and how to finance the energy transition in developing countries.

Wickremesinghe inaugurated the Climate Justice Forum at COP28 on Saturday and emphasized the critical importance of addressing climate issues with a sense of justice and equity.

The President had been in talks with many nations vulnerable to climate change disasters including African and South American countries to get their support for the CJF.

The move is to compel advanced and developed countries to look into the poor nations hit by the climate changes and help them to get over economic and debt burdens by either investing more in green energy initiatives or writing off debts to ease financial pressure.

Sri Lanka, which is now facing an unprecedented economic crisis, has seen increasing losses and damages, both human lives and physical properties due to climate change-led disasters like floods, drought, and earth slips.

In his speech at the COP28 forum, Wickremesinghe on Friday said the Climate Justice Forum will provide a platform for constructive and proactive engagements. (Dubai/Dec 2/2023)

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Sri Lanka IMF review goes to executive board on December 12

ECONOMYNEXT – The first review of Sri Lanka’s International Monetary Fund program is scheduled to go the lender’s Executive Board for consideration on December 12.

Sri Lanka officials were expecting the review to be completed in December as soon as official creditors gave their assurances.

According to the notice Sri Lanka had missed one performance criterion and has requested modifications.

Sri Lanka has outperformed on a number of quantity targets including inflation. In addition to quantity PCs there was also one non-accumulation of arrears.

There would also be re-phasing of access. The review was originally expected around September with another review based on December data, leading to September and March disbursements.

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