Home / Front Page/ Shares end higher on foreign buying; tax bill weighs

Shares end higher on foreign buying; tax bill weighs


Comments / {{hitsCtrl.values.hits}} Views / Saturday, 9 September 2017 00:00


Reuters: Shares posted their second straight session of gains on Friday, further moving away from the lowest close in more than four months hit this week, as foreign investors picked up beaten down shares.

Parliament on Thursday passed tax reforms that should simplify the tax system, widen the tax base and increase government revenue, as agreed with the International Monetary Fund in exchange for a $1.5 billion, three-year loan. The Colombo stock index ended 0.22% higher at 6,375.86. The Bourse fell 0.2% during the week, its eight straight weekly fall. As of Friday’s close, it shed 4.4% since 27 July.

Shares of Ceylon Cold Stores Plc ended 1.6% higher, while Asiri Hospitals Plc closed up 6%, Browns Investments Plc closed 6.5% higher and Dialog Axiata Plc ended 0.9% firmer.

Foreign investors net bought Rs. 78.8 million ($516,044.53) worth of shares, extending the year-to-date net foreign inflow to Rs. 27.8 billion worth equities.

“We have seen active participation of foreign investors after the Inland Revenue Bill was passed,” said First Capital Holdings PLC Senior Research Analyst Atchuthan Srirangan.

“We are seeing buying interest in blue chips. We expect market to see more active participation from both local and foreigners next week onwards,” he added.

The bill, Sri Lanka’s major tax reform since independence from Britain in 1948, seeks to expand the tax net and stamp out evasion.

Turnover stood at Rs. 688.1 million, less than this year’s daily average of around Rs. 859.9 million.


Share This Article


COMMENTS

Today's Columnists

Constitutional reform – A reply to Dr. Wijeyadasa Rajapaksa

Wednesday, 22 November 2017

The lengthy article by Dr. Wijeyadasa Rajapakshe PC on constitutional reform published in the newspapers recently appears to contain several errors of fact and of law


Ranil’s reluctant tryst with truth

Wednesday, 22 November 2017

Twenty years ago in 1998, Dr. Jayadeva Uyangoda writing in the periodical ‘Frontline’ traced our peculiar path of progress in the 50 years of independence


Omni-Channel Synchroniser for banks and financial institutions: An vision to simplify banking

Wednesday, 22 November 2017

Today, as a society we are noticing a historical shift from cash-based transactions to digitisation of financial transactions, and from the use of traditional banking channels to e-channels.


Extending the net of AML/CFT: The need for public awareness

Tuesday, 21 November 2017

By Press Notice, the Central Bank of Sri Lanka (CBSL) through its Financial Intelligence Unit(FIU), has drawn the attention of the public to “Extraordinary Gazette Notification No. 2015/56 dated April 21, 2017 prescribing


Columnists More