Economic

Headline inflation as measured by the year-on-year change based on the National Consumer Price Index NCPI) has been compiled as 6.4% as against 6.2% in August, the Director General of Census and Statistics revealed yesterday.

Investor focus for the first time in recent months shifted to the under-performing plantations stocks yesterday, as the Colombo Bourse began a fresh and important week positive though less convincing.

Sri Lankan exporters are hopeful of a moderate growth for their businesses and economic recovery over the next 12 months despite the growing number of COVID-19 cases, a survey from the Economic Intelligence Unit (EIU) of the Ceylon Chamber of Commerce said yesterday.

The sustained positive run at the Colombo Stock Market lost steam yesterday with the benchmark All Share Price Index turning negative, but overall resilience was manifested with turnover crossing Rs. 1 billion mark for 30th consecutive day.

The Colombo stock market, which has remained resilient despite local and external shocks linked to the COVID-19 pandemic, is setting sights on new records this year.

Prime Minister Mahinda Rajapaksa made a brief impromptu visit to Colombo’s iconic landmark and the single largest private-mixed development investment in Sri Lanka — the Cinnamon Life construction site, where he met with John Keells Holdings (JKH) Chairman Krishan Balendra yesterday.

Corporate earnings of listed companies plunged by 52% year-on-year (YOY) to Rs. 33.5 billion in 2020 March quarter, First Capital Research revealed yesterday. The analysis was based on reported earnings of 266 listed companies.

Distilleries Company of Sri Lanka (DCSL) Chairman and business leader Harry Jayawardena has decried what he called as “step-motherly” treatment to the coconut arrack industry and warned of serious health and tax revenue issues if the Government fails to urgently address measures to nab the thriving illegal and illicit liquor industry.

The Government this week announced high CESS on imports of apparel following the lifting of the ban imposed in May this year.

CSE approves Rs. 1.9 b Rights Issue; merger with Abans Finance will boost assets to Rs. 32 b and capital to Rs. 4.9 b

Thousands of COVID-hit businesses have been supported so far with billions in cash combined under the concessionary working capital support scheme, the Central Bank announced on Friday.

Asia Securities says move to give preference to local firms in Govt. procurement will boost capacity, encourage new players

ශ්‍රී ලංකාවේ ඉතිහාසයේ සිනිවලට ලබා දුන් ඉහළම බදු සහනය වන කි.ග්‍රෑම් 1 කට රු. 55 ක් බදු සහනය ලබා දී ඇත්තේ මහා පරිමාණ සීනි සහ ෆාම් තෙල්, පොල් තෙල් ආනයන කරුවෙකුගේ උවමනාව මත භාණ්ඩාගාර නිලධාරීන් පිරිසකගේ එකඟතාවයෙන් බවට විවිධ පාර්ශව වලින් චෝදනා එල්ල වේ.

The All Share Price Index (ASPI) gained 0.44% yesterday to end the week on a positive note, helped by LOLC Holdings, Distilleries and C.T. Holding with turnover crossing Rs. 3.6 billion, NDB Securities said.

ECONOMYNEXT – Dialog Axiata of Sri Lanka and Axiata Digital Labs, a technology unit of Malaysia-based group said it won a global award for digital transformation given by industry association, beating Asian and European contenders.

Stronger private sector credit growth and gradual normalisation of economic activities has reduced the odds of the Central Bank of Sri Lanka (CBSL) changing rates, when it announces its latest monetary policy stance this week, First Capital Research said yesterday, projecting there was only a 50% probability of a rate cut. Releasing its latest pre-policy report, First Capital said that in its earlier report it had indicated a 60% probability for a rate cut when the monetary policy stance is announced in October and 75% when in November.

Acting Ambassador for China Hu Wei met with State Minister of Money and Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal and the Central Bank Governor Professor W.D. Lakshman at the Finance Ministry.

The apparel industry has fallen victim to the COVID-19 pandemic with the total exports in the first nine months down by 21.97% to $ 3.1 billion compared to the same period last year.