Home / Front Page/ Shares gain marginally at new political prospect

Shares gain marginally at new political prospect

Comments / {{hitsCtrl.values.hits}} Views / Wednesday, 14 August 2019 00:14


Reuters: Sri Lankan shares closed marginally higher on Tuesday, easing from early gains of 1.2%, after the main Opposition party named a hardline former defence chief as presidential candidate, seeking to capitalise on public clamour for a decisive leader. 

The rupee ended slightly weaker on importer greenback demand. 

The benchmark stock index gained 1.26% as soon as trading resumed on Tuesday. Markets were closed for a holiday on Monday. The index ended 0.1% firmer at 5,949.30, its highest close since July 30. It gained 0.82% last week. 

Gotabaya Rajapaksa, 70, served under his older brother, ex-President Mahinda Rajapaksa, and is widely seen as the frontrunner in a presidential election that must be held before 9 December.

Gotabaya is immensely popular among Sri Lanka’s powerful Sinhala Buddhist majority, who credit him with ending the island nation’s 26-year-long civil war in 2009 and believe Colombo needs a seasoned hand after the 21 April bombings. 

Market sources said early gains could not be sustained as retail investors sold shares. 

So far this year, the index dropped about 1.7 %. 

Turnover was Rs. 2.69 billion ($15.21 million), more than six times of this year’s daily average of about Rs. 654 million so far. Last year’s daily average came in at Rs. 834 million. 

Shares of Lion Brewery Ceylon PLC rose 3.4% and large-cap Nestle Lanka PLC climbed 1.6%. 

The rupee ended at 176.90/177.00 per dollar, compared with Friday’s close of 176.75/95. 

The rupee fell 0.08% for the last week, but is up nearly 3.2% so far this year. 

The Central Bank left key interest rates unchanged on 11 July as expected, after cutting them in May to support the economy as tourism and investment plummeted in the wake of deadly suicide bombings in April. 

Foreign investors sold a net Rs. 729 million worth of Government securities in the week ended 7 August, extending the year-to-date net foreign outflow to Rs. 28 billion, Central Bank data showed. 

Share This Article

Facebook Twitter


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 Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.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


Today's Columnists

The Presidential Election: Into anarchy or out of anarchy?

Saturday, 24 August 2019

In politics there are no absolute truths, rights or wrongs: all is relative. Politics is about choices and alternatives. It is also the art of the possible. The best policy for the people is to work through the give

We need to challenge climate change doubters before it is too late

Friday, 23 August 2019

Imagine a London where the entire subterranean region is engulfed with dirty water. Crammed train carriages that once barrelled along 249 miles of track transporting busy office workers, builders, teachers, civil servants, cleaners and students now r

The Provincial Council Elections – The charade goes on

Friday, 23 August 2019

Originally the SLPP was keen to hold the Provincial Council Elections (PCE) immediately after the Local Government Election results as they felt the PCE would go in their favour. PCE were held under the Proportional Representation system. The relevan

The presidency and the dilemma of the Presidential Election

Friday, 23 August 2019

J.R. Jayewardene created a presidential system not because the parliamentary system of governance that preceded it had failed. He wanted to take over all the powers of the State and assume the status of ancient kings who ruled the country in the past

Columnists More

Special Report