Market in Brief
The Colombo Stock Exchange closed at a sixteen-month high on Monday, driven by assurances regarding domestic bond restructuring on the state front. As fears surrounding investments in the banking sector diminished, interest in banking counters grew due to their undervalued share prices. ASPI experienced a significant gain of 1.26%, while S&P SL 20 recorded an impressive increase of 1.61%. The day saw a healthy turnover value of LKR 3.1 billion. As the financial results for the June quarter begin to be released, we can anticipate increased volatility and a higher flow of investments into the market. News articles highlighting foreign investments and the depreciation of the LKR against major foreign exchange counters dominated the major news items for the day.
News Updates
US Treasury Secretary hopes debt treatments for Sri Lanka could be finalised quickly U.S. Treasury Secretary Janet Yellen said on Sunday she was “eager” to work with China on areas of mutual interest, including debt restructurings for poorer countries, and that multilateral development banks needed reforms before capital increases could be considered
(Source: adaderana.lk)
Inflation to turn negative by December
While the economy is on its stabilisation journey, State Minister of Finance Shehan Semasinghe is optimistic that the headline inflation of the country will reach a negative level by the end of this year after arriving at single digit levels. (Source: themorning.lk)
1H tax revenue nearly doubles to Rs. 697 b
Inland Revenue Department Commi-ssioner General D.R.S. Hapuarachchi revealed that collection during January to June 2023 was Rs. 696.94 billion, as against Rs. 361.8 billion a year ago reflecting a hefty increase of 92.5% or Rs. 335 billion. (Source: ft.lk)
Sri Lanka marks arrival of over 100,000 Russian tourists via direct flights
Sri Lanka yesterday marked a significant milestone by welcoming over 100,000 tourist arrivals from the Russian Federation through 314 direct flights to Bandaranaike International Airport (BIA) in Katunayake and Mattala Rajapaksa Inte-rnational Airport (MRIA).
(Source: ft.lk)
China Growth Concerns Drag Asian Stocks Lower: Markets Wrap
Asian stocks fell as China’s sluggish economic recovery triggered growth forecast cuts and a
warning from US Treasury Secretary Janet Yellen that it could cause ripple effects across the global economy. (Source: bloomberg.com)
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