Economic

www.bloomberg.com: Sri Lanka stocks have returned a world-beating 30% so far in 2021 as domestic investors get more active.

Due to the current situation of COVID-19 pandemic and imposed restrictions under health guidelines, the Inland Revenue Department (IRD) has unveiled useful awareness programs via online.

The Lanka Coal Company yesterday rejected opposition accusations that it was procuring coal outside of the tender process at higher prices and denied any irregularities in purchases for the country’s only coal power plant.

The Securities and Exchange Commission of Sri Lanka (SEC) yesterday cautioned investors against unsolicited tips or recommendations amidst the bull run at the Colombo stock market.

People’s Bank has won Sri Lanka’s ‘Best Consumer Digital Bank’ while the People’s Wave App has been crowned the ‘Best Mobile Banking App’ at the World Finance Digital Banking Awards 2020. These accolades not only emphasise the bank’s success but further cement its position as Sri Lanka’s Most Digitalised Bank.

The Hotels Association of Sri Lanka (THASL) yesterday welcomed the reopening of the borders for foreign visitors, saying it would greatly benefit millions of livelihoods which were dependent on the tourism industry.

Cabinet has given approval for State land to be used to set up a new industrial estate in Katana to facilitate 150 investors that are expected to invest Rs. 30 billion and create 11,500 jobs, an official said yesterday.

The Inland Revenue Department (IRD) has shared more information on the tax amnesty proposed in the 2021 Budget unveiled in and approved by Parliament late last year.

Business leader Dhammika Perera picked perhaps an auspicious 21.1.21 to unleash a sensational move of share splits of his flagship export-rich diversified blue-chip Hayleys PLC and several subsidiaries sending the stock market to dizzy heights with investors scrambling to grab stocks.

Sri Lanka Tourism yesterday said the country has welcomed over 400 international tourists after reopening borders on 21 January, and expressed confidence that interest will build up gradually towards the first half of the year.

The Civil Aviation Authority (CAA) has approved over 20 charter flights to bring in tourists in February and March.

SriLankan Airlines said yesterday it will step up the country’s fresh push to woo tourists by starting twice weekly flights to Russian capital Moscow from February.

The Colombo Stock Market rally remained relentless as it notched up a record Rs. 15 billion in turnover and the more active index soaring by over 5.6%. The benchmark All Share Price Index (ASPI) gained by 2.7% or 231 points and the S&P SL20 by over 188 points or 5.69%. Turnover was Rs. 14.9 billion, a one-year high. First Capital said the two giants competed (John Keells Holdings and LOLC) to sustain the record-breaking streak for the fourth consecutive session. LOLC saw its market capitalisation rise to Rs. 181.17 billion, whilst John Keells Holdings (JKH) dominated at Rs. 239 billion.

Chamber of Tourism and Industry thanks the Government, Tourism and Civil Aviation Minister Prasanna Ranatunga and relevant agencies for making arrangements to open the international airports to tourists.

Renewed buying by investors saw the Colombo Stock Market produce a strong late rally yesterday, helping the benchmark index close on the up after having dipped by 1.7% earlier on, in a development reinforcing the new resilience. Profit taking continued from Tuesday when market opened yesterday triggering a free fall in the first half of trading. However, having fallen by 136 points or 1.7%, fresh round of buying ensured a stellar late sustained rally. This enabled ASPI to rise by 212 points from its intra-day low to close on the up 75 points or 1%. The more active S&P SL20 was erratic earlier on but ended closing up 37 points or 1.22%.

The Government yesterday directed all State institutions, including Ministries, Provincial Councils, Local Government Authorities and statutory boards to allow local companies to exclusively bid for Government construction contracts.

The Central Bank this week issued a public warning after it received information regarding several types of financial frauds and scams being operated through social media, internet-based applications and mobile payment applications.

The beleaguered COVID-hit tourism industry will start today with fresh hope for revival as Sri Lanka reopens its borders after a 10-month closure though actual leisure travellers to exotic destination may take bit longer.