Fri, 29 Mar 2024 Today's Paper

Shares edge up; tax proposals weigh

By

1 December 2016 12:00 am - 0     - {{hitsCtrl.values.hits}}

A A A

REUTERS: Sri Lankan shares ended slightly higher yesterday as investors sought bargains in blue-chips but concerns over recent budget tax proposals weighed on sentiment.
The Colombo stock index ended up 0.15 percent at 6,241.10, ending three sessions 
of losses.
The index hit a near-eight-month low on Tuesday on concerns that the proposed hike in various taxes and fees would reduce disposable income and challenge consumption-led growth, analysts said.
“Market is up on bargain-hunting by foreigners but it’s not a major factor at the moment unless the trend is going to continue,” said First Capital Equities (Pvt.) Ltd Head of Research Dimantha Mathew.
“I feel it’s like a one-off thing. Investors are concerned over the current uncertainty and we could see volatility in the market with the current economic uncertainty.”
The government aims to boost its 2017 tax revenue by 27 percent to Rs.1.82 trillion year-on-year and meet a commitment given to the International Monetary Fund in return for a US $ 1.5 billion loan in May.
The market shrugged off the Central Bank’s key monetary policy decision on Tuesday to keep rates unchanged. Brokers said investors are concerned about sustainability of rates.
Turnover stood at Rs.579.6 million, much less than this year’s daily average of 
Rs.694.6 million.
Foreign investors bought a net Rs.48.1 million worth of shares yesterday, but have been net sellers of Rs.1.64 billion worth of shares so far this year.
Shares of conglomerate John Keells Holdings PLC jumped 2.63 percent while Dialog Axiata PLC rose 2.97 percent and Ceylon Tobacco Company PLC rose 0.47 percent.


Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

  Comments - 0

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into 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 and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

VAT increase: SOUNDs death knell for publishers, readers

Though the Government imposed VAT (Value Added Tax) on vegetables and other e

How female change-makers are driving Sri Lanka’s energy saving platform

Saving energy has become more of a responsibility than a habit in today’s c

A dull Ramadan awaits Muslims amidst the Soaring Cost of Living

In the coming days, Muslims across the world will welcome the Holy Month of R

New wildlife underpass to curtail HEC

As of February 2024, Sri Lanka lost another 38 elephants as a result of the H