Mon, 28 Nov 2022 Today's Paper

Shares fall for 8th session; tax proposals weigh

24 November 2016 12:05 am - 0     - {{hitsCtrl.values.hits}}

A A A

REUTERS: Sri Lankan shares extended falls to an eighth session yesterday, posting their lowest close since April 7, as investor sentiment was hit by budget tax proposals, including revisions in corporate and withholding taxes. The government aims to boost its 2017 tax revenue by 27 percent to Rs.1.82 trillion yearon- year, and meet a commitment given to the International Monetary Fund in return for a US $ 1.5 billion loan in May. The benchmark index of the Colombo Stock Exchange ended down 0.21 percent at 6,242.68. It has fallen 2.77 percent over the past eight sessions after the budget was presented on November 10. The index was in oversold territory, with the 14-day relative strength index at 15.978 versus Tuesday’s 16.929, Thomson Reuters data showed. A level between 30 and 70 indicates the market is neutral. “Market is down in low trade as investors are on wait-and-see mode,” said First Capital Equities (Pvt.) Ltd Head of Research Dimantha Mathew.

Foreign investors sold a net Rs.100.7 million worth of shares on Wednesday, extending the year-to-date net foreign outflow to Rs.1.27 billion. Analysts said the increase in various taxes and fees would reduce disposable income and challenge consumption-led growth. Turnover was Rs.284.9 million, well below this year’s daily average of Rs.698.6 million. Shares of Lion Brewery PLC fell 6.81 percent, while Hemas Holdings PLC declined 5.00 percent and Ceylon Tobacco Company PLC fell 1.24.


Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

  Comments - 0

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

Downfall and death of LTTE’s Mahathaya

The Liberation Tigers of Tamil Eelam (LTTE) ceased to exist as a functioning

Rishi Sunak; why SL did not have a Tamil or Muslim as President?

Britain now has a British Asian, Hindu Prime Minister, though Rishi Sunak is

How and why MGR launched ADMK 50 years ago

17 October 1972 was a Tuesday. Fifty years ago on that auspicious day, a new

Amitabh Bachchan: Evergreen Emperor of Hindi cinema turns 80

Well-known Hindi film actor Amitabh Bachchan celebrated his eightieth birthda