Business

Hopes of equity-friendly budget boost bourse

Published

2 years ago

2021/11/12

By Hiran H.Senewiratne

CSE trading activities were positive from the beginning yesterday because stock market investors are expecting an equity market- friendly budget to be presented to parliament by Finance Minister Basil Rajapaksa today, stock market analysts said.

The budget would be an investment- friendly, pro-private sector job- creation budget and it would target to attract foreign investments, analysts said. Sri Lanka’s budget this year is likely to look into the strategic interests of foreign countries as well as the country’s need for dollar inflows to boost its reserves, another analyst said.

Yesterday, new buying interest was witnessed in the LOLC Group of companies, especially LOLC Finance, whose share price appreciated by 24 percent or Rs 4.70. At the commencement of trading, shares stood at Rs 20.10 and at the end of the day they shot up to Rs 24.80.

Amid those developments both indices showed mixed reactions. The All Share Price Index went up by 163.77 points and S and P SL20 declined by 9.04 points. Turnover stood at Rs 6.8 billion with three crossings. The crossing were reported in Renuka Hotel, which crossed four million shares to the tune of Rs 80 million, its shares traded at Rs 20, Aitken Spence one million shares crossed for Rs 40 million, its shares traded at Rs 40 and Sampath Bank 500,000 shares crossed for Rs 27.5 million, its shares fetching Rs 55.

In the retail market, five companies that mainly contributed to the turnover were; LOLC Finance Rs 1.9 billion (80.2 million shares traded), Browns Investments Rs 539 million (46.5 million shares traded), Shaw Wallace Investments Rs 519 million (42.7 million shares traded), Expolanka Holdings Rs 305 million (1.5 million shares traded), LOLC Holdings Rs 296 million (438,000 shares traded) and Agalawatte Plantations Rs 245 million (seven million shares traded).

During the day, Watawala Plantations shares appreciated by 11 percent or Rs 8.30. Its share price shot up to Rs 81.60 due to recording healthy profits in the last quarter and also as a result of paying considerable dividends to shareholders. During the day 347 million share volumes changed hands in 55000 transactions. Further, the industry diversified financial sector contributed more than Rs 2.9 billion, which accounts for almost 50 per cent of the day’s turnover. The Diversified Financials sector was the top contributor to the market turnover (due to Lanka Orix Finance and LOLC Holdings).

It is said high net worth and institutional investor participation was noted in Access Engineering, Vallibel One and JKH. Mixed interest was observed in R I L Property, Expolanka Holdings and LOLC Holdings, while retail interest was noted in Browns Investments, Lanka Orix Finance and Pan Asian Power. Yesterday, the US dollar was quoted at Rs 201.21, which was the controlled price set by the Central Bank of Sri Lanka.

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Business

President outlines a bold vision for Sri Lanka tourism at THASL’s 58th AGM

Published

3 hours ago

2023/11/28

Priyan

Addressing the 58th Annual General Meeting of The Hotels Association of Sri Lanka (THASL) held on Monday (27) at Shangri-La Hotel, Colombo, President Ranil Wickremesinghe outlined a comprehensive strategy to propel the country’s tourism sector to new heights. Focused on surpassing the target of 5 million tourists and redefining traditional approaches, the President’s vision extends to achieving 7.5 million visitors in the coming years. The President emphasized the need for innovative thinking and collaboration within the industry to ensure sustainable growth.

“When I took over the government, I realized that sustainability alone is not sufficient. How are we going to earn foreign exchange? How are we going to have a positive balance of trade? In that, there were many suggestions. But what is the low-hanging fruit? And one of the low-hanging fruits was tourism. Let’s promote tourism fully,” President Wickremesinghe declared.

The President acknowledged the need to move beyond the existing framework and embrace competition to elevate Sri Lanka’s standing in the global tourism market. Drawing parallels with countries like Vietnam, he questioned why they had more tourists despite being in the industry for a shorter period. President Wickremesinghe stressed the importance of increasing the number of tourists to 2.5 million in the upcoming year and subsequently expanding on this figure.

(PMD)

Business

Free visas for nationals of China, India, Indonesia, Russsia, Thailand, Malaysia and Japan from Monday (27)

Published

6 hours ago

2023/11/28

Priyan

The Controller General of Immigration and Emigration has stated that nationals of China, India, Indonesia, Russsia, Thailand, Malaysia and Japan will be granted free visas from Monday 27-11-2023 to 31-03-2024 as a pilot program to rebuild the tourism industry.

Nationals of the above nominated countries possessing, Diplomatic, Official, Public Affairs, Services and Ordinary Passports are eligible to enjoy a visa free regime under this scheme.

The above mentioned nationals should apply for Electronic Travel Authorization (ETA) before arriving in Sri Lanka subject to granting / issuing free of charge up to 31-03-2024.

Under this scheme tourists can enjoy a 30 days free visa period and a double entry facility is permitted within 30 days from the date of first arrival in Sri Lanka.

Free ETA under this scheme can be applied up to 31-03-2024.

The free ETA cannot be extended further and is limited only to thirty (30) days. In case the free ETA period of 30 days expires after 31-03-2024, an extension of visa could be applied subject to paying the appropriate fee.

Business

Sri Lanka and Saudi Arabia prioritize economic ties in apparel and tourism sectors

Published

16 hours ago

2023/11/28

Priyan

The Minister of Economy and Planning for the Kingdom of Saudi Arabia. Faisal F. Alibrahim, met with President Ranil Wickremesinghe on Monday (27) at the Presidential Secretariat.

During the discussions, Minister Faisal F. Alibrahim emphasized Saudi Arabia’s keen interest in strengthening economic ties with Sri Lanka across various sectors, including apparels and tourism. He elucidated that his government was focused on expanding economic relations within the region and regarded Sri Lanka with significant importance.

President Ranil Wickremesinghe welcomed the Minister’s comments, asserting that Sri Lanka is actively promoting enhanced cooperation in Asia, including West Asia. He further highlighted that the tourism and agriculture sectors were areas open to greater investment, as the country is committed to modernizing these domains.

(PMD)