Connect with us

Business

CSE bounces back in the wake of Inland Revenue Act changes

Published

on

By Hiran H.Senewiratne

The CSE edged down in mid-morning trade yesterday after opening over 1 per cent lower. Subsequently the market began to bounce back with the gazetting of the Inland Revenue Act, after three consecutive days of market decline, stock market analysts said.

Key changes in the Inland Revenue Act include reducing the tax-free threshold for personal income tax to Rs 1.2 million from Rs. 3.0 million and the raising the corporate tax to 30 percent from 24 percent. Capital gains tax for companies is expected to be raised from 10 percent to 30 percent for investment assets.

The stock market sharp plunge in indices reaffirmed worsening local investor sentiment though foreigners stepped up their buying especially in JKH, propelling the year-to-date inflow to over Rs. 16 billion, stock market analysts said.

Amid those developments buying interest was noted in Lanka IOC, Expolanka. ACL Cables and several other blue chip counters thus moving the bourse to red territory, stock market analysts said. The All- Share Price Index gained 108.66 points (1.24 per cent) to end the day at 8853.27 and S and P SL20 gained 34.82 points (1.31 per cent) to end the day at 2687.81. Turnover stood at Rs 2.3 billion without a crossing.

In the retail market top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 550 million (2.6 million share traded), Expolanka Holdings Rs 379 million (2.5 million shares traded), ACL Cables Rs 194 million (2.2 million shares traded), Browns Investments Rs 69.7 million (11.5 million shares traded), JKH Rs 69.1 million (538,000 shares traded), JKH Rs 69.1 million (538,000 shares traded), CIC Holdings Rs 59.5 million (566,000 shares traded) and Royal Ceramic Rs 45.3 million (1.3 million shares traded). During the day 66.5 million share volumes changed hands in 28000 transactions.

It is said that high net worth and institutional investor participation was noted in JKH, ACL Cables and CIC Holdings. Mixed interest was observed in Expolanka Holdings, Lanka IOC and CIC Holdings, while retail interest was noted in Browns Investments, SMB Leasing (voting and nonvoting) and LOLC Finance.

The Capital Goods sector was the top contributor to the market turnover (due to JKH and ACL Cables), while the sector index lost 3.50 per cent. The share price of JKH decreased by 50 cents to close at Rs. 128.50.

Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings) while the sector index decreased by 11.96 per cent. The share price of Expolanka Holdings lost Rs. 19.75 (11.99 per cent) to close at Rs. 145.

Lanka IOC and CIC Holdings nonvoting were also included among the top turnover contributors. The share price of Lanka IOC moved down by Rs. 15.25 (6.71 per cent) to close at Rs. 212.

Yesterday, the Central Bank- announced US dollar buying rate was Rs 359.66 and selling rate Rs 370.39.



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Ceylon Chamber’s Investment Summit 2026 to steer Sri Lanka beyond stabilisation

Published

on

President Anura Kumara Dissanayake will inaugurate the Sri Lanka Economic and Investment Summit 2026 today, at the Shangri-La Colombo

Sri Lanka’s national economic discourse takes center stage today as the country’s premier private-sector body, The Ceylon Chamber of Commerce, hosts the Sri Lanka Economic & Investment Summit 2026 at the Shangri-La Colombo.

Convening on October 12 and 13, the two-day summit brings together an influential gathering of senior policymakers, international financiers, multilateral development partners, and private-sector captains to chart the island’s next phase of macroeconomic growth.

Held under the theme “Positioning Sri Lanka in a Changing Global Economy: Resilience, Reform, and the Future of Economic Policy,” this year’s forum marks a critical inflection point in the nation’s post-crisis trajectory.

As Sri Lanka shifts its emphasis from immediate financial stabilization toward sustainable, long-term expansion, the summit aims to address the structural imperatives necessary to secure high-impact foreign direct investment (FDI), deepen regional trade integration, and unlock emerging sectors of economic activity.

The core agenda over the two days focuses on building resilience across volatile global market cycles while executing targeted policy reforms. Key working sessions will examine:

Regional Value Chains & Trade Integration: Leveraging Sri Lanka’s strategic Indian Ocean geography to capture higher-value export flows and commercial linkages.

Energy & Infrastructure Transformation: Accelerating renewable energy integration and modernizing national utility policy.

Digital Economy & Public Modernization: Deploying digital technologies across public administration and financial services to enhance operational efficiency and transparency.

Sectoral Priorities: Modernizing healthcare infrastructure and agricultural value-addition to build a robust domestic economic base.

A defining feature of this year’s summit is the strong convergence between state policy and global commercial expertise. Keynote addresses and panel discussions will feature prominent leaders, including Prime Minister Dr. Harini Amarasuriya and T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd.

They will be joined by senior delegations and policy experts from major global institutions, including:

= The Asian Development Bank (ADB)

= The International Finance Corporation (IFC)

= Standard Chartered Bank

= Zydus Lifesciences

The active participation of the country’s highest executive and legislative leadership across both days underscores a clear policy commitment to private-sector-led growth. By establishing a direct, high-level platform for dialogue between investors and policymakers, the Ceylon Chamber’s summit seeks to refine regulatory frameworks, improve the ease of doing business, and establish a clear, predictable environment for capital formation in the years ahead.

Continue Reading

Business

White House blocks Microsoft from foreign worker hiring programme

Published

on

The White House has often made extreme claims regarding international workers and immigration

Microsoft and several other technology firms have been barred by the White House from hiring skilled international workers on a permanent basis through a widely used visa programme.

US Vice-President JD Vance on Thursday accused Microsoft alongside other firms of committing fraud through the use of the H-1B visa programme and a related process for workers from abroad to become permanent US residents.

Vance claimed that Microsoft, one of the most valuable companies in the US, has been effectively replacing American workers with “foreign indentured servants.”

Microsoft said most of the H-1B visas filed over the last financial year were for existing workers, who are paid the same as local staff.

“No company in the US has abused this system more than Microsoft,” Vance said.

He also made similar accusations about Adobe, Cognizant, Infosys, Tata, Wipro, HCL and Capgemini.

The US government will not process any new or pending Permanent Labor Certification Program (PERM) applications from Microsoft or the seven other companies, Secretary of Labor Keith Sonderling said during the same conference.

Sonderling said companies like Microsoft, as well as US universities, have turned into “visa mills” that were “flooding” the US with foreign workers.

The BBC has contacted all of the companies for comment.

The total number of H-1B visas, a precursor to anyone seeking to go through the PERM process, is capped at 85,000 per year.

A spokeswoman for Microsoft noted to the BBC that “the vast majority of Microsoft employees in the United States are Americans.” The company employs more than 200,000 people worldwide.

Continue Reading

Business

ComBank unites stakeholders to prepare agri sector for El Niño

Published

on

El Nino awareness programmes conducted by the Bank

In response to emerging climate risks, the Commercial Bank of Ceylon has launched a proactive initiative through its Development Credit Department, to equip Sri Lanka’s agricultural sector against the potential impacts of the 2026 El Niño climate pattern.

Seeking to move the industry from reactive loss management to early climate preparedness, the Bank partnered with leading state universities to execute a two-part educational and technological intervention in September 2026.

The initiative comes at a critical juncture. Sri Lanka’s Department of Meteorology reported an 80% probability of El Niño conditions emerging between June and August 2026, with effects expected to persist through November and beyond. As highlighted by the Food and Agriculture Organization (FAO), El Niño acts as a risk multiplier for rural livelihoods, food production, and water supply.

To mitigate these threats, the Bank’s initiative creates a collaborative network uniting academic institutions, agricultural extension services, technology providers, farming communities, and the financial sector. The awareness programme on El-Niño and its impact on agriculture was supported by 12 Commercial Bank branches, and engaged with more than 1,100 farmers at 15 diverse locations, including Vattapalai, Muththajankaddu, Palampas, Oddusuddan, Siyambalanduwa, Lindula, Neluwa, Kalawana, Pannala, Madampe, Mannar, Vavuniya and Kumalamunai.

Continue Reading

Trending