Economic

The country’s manufacturing and services activities have expanded in August as per the Purchasing Managers Index (PMI) compiled by the Central Bank.

The Colombo stock market remained buoyant with both indices up and turnover hitting an over six month high, continuing the newfound optimism.

බිත්තර මිල ඉහළ යාම කෘතිමව නිර්මාණය කළ එකක් නොවන බව සමස්ත ලංකා බිත්තර නිෂ්පාදකයින්ගේ සංගමය පවසනවා.

The International ARC Awards in New York, USA - considered the Academy Awards for annual reports by the financial community - recently awarded People’s Bank the prestigious “Best in Sri Lanka” award for its 2019 Annual Report titled “the Frontier”.

The Securities and Exchange Commission (SEC) has finalised its new Act for submission to Finance Minister PM Mahinda Rajapaksa, to be tabled before the Cabinet for approval.

The Government will offer swap arrangements to investment that could come into the country through Treasury bills and bonds, Capital Markets and State Enterprises Reforms State Minister Ajith Nivard Cabraal told Parliament yesterday, outlining plans to boost growth through attracting investment.

The Colombo Stock Exchange (CSE) will today kick off a fully-fledged digitisation journey which the regulator Securities and Exchange Commission (SEC) describes as a ‘paradigm change’ benefitting all stakeholders.

The Government has decided to invest Rs. 2 billion to boost cargo capacity at the Bandaranaike International Airport (BIA) by 100% to facilitate international trade and to enhance Sri Lanka’s hub status in South Asia.

The Index of Industrial Production (IIP) for July increased by 2.4% compared to the same month in 2019, the Census and Statistics Department said yesterday, indicating that the economy was gradually recovering from the COVID-19 impact.

Workers’ remittances have increased by 12.2% to $ 702 million in July from a year earlier, the Central Bank saidHowever, on a cumulative basis, workers’ remittances declined by 5.5% to $ 3.68 billion during the first seven months of 2020 in comparison to the corresponding period of 2019.

The Colombo Stock Exchange (CSE) yesterday said the Bourse has recorded a noteworthy turnaround in recent months, driven by a progress of the indices and improved investor interest.

REUTERS: Shares ended higher for a fourth straight session on Friday, helped by gains in financial and consumer stocks.

State Minister of Money and Capital Market and State Enterprise Reforms Ajith Nivard Cabraal yesterday nudged local investors and business community to have faith in a turnaround of the economy and Sri Lanka’s fortunes, as the new Government has already set in motion, and will implement in the future, favourable measures and policies.

The Fabric and Apparel Accessory Manufacturers Association (FAAMA) is urging the Government to reduce prices of furnace oil as it impacts competitiveness and deprives the country from saving valuable foreign exchange.

Presidential Task Force on Economic Revival and Poverty Eradication Chairman Basil Rajapaksa recently stressed Sri Lanka has the potential to become a seafood processing hub given its strategic location and marine resources.

Net foreign outflow of foreign investments from the rupee-denominated Government securities market has topped the $ 500 million mark in the first seven months of this year, the Central Bank said.

Export Development Board (EDB) Chairman Prabhash Subasinghe is renewing his call for greater product and market diversification to enhance Sri Lanka’s foreign exchange earnings amidst COVID-19 challenges.

Premier blue chip John Keells Holdings (JKH) yesterday emerged as the most valuable stock after Ceylon Tobacco Company (CTC) saw an unusual price dip of Rs. 20 or 2% though on a volume of 99,064 shares done via 181 trades.