Markets

Sri Lanka’s mid day shares edge down on profit taking after IMF approval

Tuesday March 21, 2023 12:04 pm

ECONOMYNEXT – Sri Lanka’s shares edged down in mid day trade on Tuesday, with selling pressure and profit taking coming in as the crisis hit island met the International Monetary Fund loan agreement for 3 billion dollars, an analyst said.

“The market is down and dull, because as expected Sri Lanka got the IMF and now investors are pushing to sell of their shares and attempting to make a profit,” Ranjan Ranatunga of First Capital Holdings said.

All Share Price Index was down 0.44 percent or 42.99 points to 9,656.97, while the most liquid index S&P SL20 was down 0.81 percent or 23.91 points to 2,828.64.

“The market was driven on speculation on basis over the IMF and when it was finally approved investors divert towards selling,” Ranatunga said.

Sri Lanka Telecom has been attracting investors as a disclosure was put out stating that the Cabinet of Ministers had approved for the divestment of the stake held by the Secretary to the Treasury in SLT. The divestment is to be implemented by the State Owned Enterprises Restructuring unit under the Ministry of Finance, Economic Stabilization and National Policies.

The top losers during 1130 hours were Vallibel Finance, National Development Bank and Royal Ceramics Lanka.

The market generated a turnover of 654 million rupees.

With the IMF agreement being approved, market analysts expect inflation to continue on its path of disinflation, balance of payment to be stabilized and interest rates being pushed downwards. (Colombo/Mar21/2023)

Cancel reply

1 Sri Lanka's CEB seeks interim power tariff hike amid IMF review

2 Sri Lanka's external debt restructure 'progress' decision by IMF exec board

3 Sri Lanka minister hopes for higher tax collection after RAMIS upgrading

4 Sri Lanka local currency rating upgraded to CCC- by Fitch

5 Sri Lanka tourist arrivals expected to top 1.5 million in 2023: official

Legal

Sri Lanka National Christian Council opposes Online Safety Bill

Saturday September 30, 2023 9:23 pm

ECONOMYNEXT – The National Christian Council of Sri Lanka (NCCSL) in a statement on the Online Safety Bill, said that the existing legal regime is adequate to deal with instances of harmful speech, making it unjustifiable to enact such “stringent laws”.

The Council called upon the government to withdraw the bill immediately.

The body expressed “deep concern” over the proposed bill, detailing its potential to curtail freedom of speech and how, according to the Council, the piece of legislature is inconsistent with the principles of democracy.

“The bill proposes the establishment of an entity named the Online Safety Commission without provisions to guarantee its independence and impartiality,” the statement said.

Chapter 3 imposes restrictions on online communication of certain statements, many of which are vague and overbroad, leaving room for executive control and the curtailing of legitimate criticism and dissent that are basic features of democracy, the statement said.

“The laws granting wide discretion to the executive and its investigative agencies with expansive reach have been misused in the past.”

The Council said that the bill was not drafted with the process of public consultation and discussion, which might have ensured the bill would be less draconian in nature.

“The National Christian Council of Sri Lanka calls upon the government to withdraw this anti-human rights and anti-democratic bill immediately.” (Colombo/Sep30/2023)

Autos

Sri Lanka to implement new vehicle revenue licence issuing system

Nethmi Rajawasam

Saturday September 30, 2023 6:52 pm

By Nethmi Rajawasam

Saturday September 30, 2023 6:52 pm

ECONOMYNEXT – A new system of issuing vehicle licences called eRL 2.0 is to be implemented in 5 provinces, excluding the Western Province, from 3 October onwards.

The new system is to be implemented beginning in the North West, South, North Central, Central and Sabaragamuwa provinces, respectively. The existing vehicle licence issuing system eRL 1.0 will continue to be used in the Western Province.

The issuing of revenue licences islandwide at Department of Motor Traffic head offices and regional branches will be temporarily halted on October 2.

The facility of obtaining vehicle permits online will also be temporarily halted on 6 October till midnight.

The Sri Lanka Information and Communication Technology Agency (ICTA) and the Provincial Motor Traffic Departments are working to modernize the current vehicle revenue license issuance system.

The implementation of the new eRL 2.0 system is expected to be an important step in the digitalisation of Sri Lanka. (Colombo/Sep30/2023)

Aviation

Sri Lankan Airlines flights cancelled as aircraft grounded

Saturday September 30, 2023 4:24 pm

ECONOMYNEXT – State-run SriLankan Airlines has apologized to passengers who were stranded as multiple aircraft were grounded at the same time.

The airline said it has strict procedures which requires aircraft to be grounded when technical issues are discovered.

“Unfortunately, in this case we suffered a number of groundings at the same time,” the airline said.

“We apologize for the disruption and inconvenience caused and assure all our loyal customers that we are working diligently to minimize such occurrences moving forward.”

The airline said it was booking passengers on other airlines while some have been accommodated at hotels. (Colombo/Sept30/2023)