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


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Tamil actor Kamal Haasan stars in new role as political leader

Saturday, 24 February 2018

Srinivasan Kamal Haasan is one of India’s foremost film actors. Known popularly as Kamal, the talented and versatile thespian has not only excelled as an actor onscreen, but has successfully engaged in other cinematic spheres too. The multi-faceted


Yameen’s economic offensive to counter political adversity ahead of presidential poll

Saturday, 24 February 2018

The embattled Maldivian President Abdulla Yameen, who is facing intense political opposition both in and out of the country, hopes to win the September, 2018 presidential election using a combination of political belligerence and a strong economic pr


In the end, there was nothing

Saturday, 24 February 2018

Much more than a storm in a tea cup! To a non-discerning person, it all seemed like the final battle of the counter revolution. President Sirisena was up in smoke trying to oust Prime Minister Ranil Wickremesinghe for no articulated reason. He asked


Shouldn’t Govt. prevent parliamentary system from decay and destruction?

Friday, 23 February 2018

The wrong people teach us the best lessons. As a clever nation, we had always used our ballot and chased the wrong people


Columnists More