Share market declines in the wake of lingering controversies over … – The Island.lk
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By Hiran H.Senewiratne
CSE trading activities started on a positive note yesterday but later there was selling pressure and lower buying interest after the Chinese embassy in Colombo released a twitter message against the US ambassador’s statement that had implied that the Chinese government is not supportive of Sri Lanka obtaining IMF assistance to restructure its debt to China.
“Basically the whole month we saw a bit of a volatile struggle in the market as investors look for direction; this has been the case after the delay in the IMF bailout, a market analyst said.
Sri Lanka’s shares fell in mid- day trade reverting from the previous day’s gains on overall weak economic sentiments. Both indices showed a downward trend. The All- Share Price Index went down by 9.97 points and S and P SL20 went down by 6.1 points. Turnover stood at Rs 1.4 billion minus any crossings.
In the retail market top seven companies that mainly contributed to the turnover were, Softlogic Capital Rs 271 million (18.5 million shares traded) Capital Alliance Rs 147 million (4.7 million shares traded), Softlogic Life Rs 140 million (1.4 million shares traded), Expolanka Holdings Rs 86.5 million (457,000 shares traded), Browns Investments Rs 66.8 million (ten million shares traded), Lanka IOC Rs 63 million (328,000 shares traded) and LOLC Finance Rs 62 million (8.6 million shares traded). During the day 81.9 million share volumes changed hands in 16400 transactions.
However, yesterday, Softlogic Capital and Softlogic Life regained momentum.
Yesterday, the Central Bank- announced US dollar buying rate was Rs 366.41 and the selling rate Rs 371.47.
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By Hiran H.Senewiratne
India on Monday formally notified IMF Managing Director Kristalina Georgieva that it would support Sri Lanka’s external debt restructuring program, thus creating some positive sentiment on the CSE yesterday, market analysts said.
Until June 2022, India’s outstanding credit to Sri Lanka amounted to US $ 1.68 billion or 12 per cent of the total. India was the third largest bilateral creditor to Sri Lanka after China and Japan. India happens to be the first of the major bilateral creditors to give financial assurances, which is key to Sri Lanka successfully pursuing restructuring of external debt worth US $ 46.6 billion, including US $ 14 billion in bilateral credit.
Shares edge up in mid-day trade yesterday as the market saw positive sentiments after President Ranil Wickremesinghe announced that discussions with lenders are successful, giving a long- awaited green light to investors, an analyst said.
“I can tell this assembly that the talks are successful. Very soon we will have an answer, President Wickremesinghe told parliament this week.
Shares that are gaining the interest by investors are life insurance counters and treasury counters, due to falling interest rates coming in through the decision by the Central Bank to limit the Standing Deposit Facilities (SDF).
Both indices moved upwards. The All- Share Price Index went up by 98.65 points and S and P SL-20 was up by 54.3 points. Turnover stood at Rs 1.86 billion with one crossing. The crossing was reported in JKH, which crossed 485,000 shares to the tune of Rs 96 million; its shares traded at Rs 136.
In the retail market top seven companies that mainly contributed to the turnover were, Hayleys Rs 262 million (3.7 million shares traded), Softlogic Capital Rs 179 million (11.6 million shares traded), First Capital Holdings Rs 153 million (4.2 million shares traded), Capital Alliance Rs 126.9 million (3.9 million shares traded), JKH Rs 117 million (861.000 shares traded), Softlogic Life Insurance Rs 93 million (871,000 shares traded) and First Capital Treasuries Rs 77.8 million (2.9 million shares traded). During the day 98 million share volumes changed hands in 18000 transactions.
During the day, Hayleys made a significant price gain. Its share price increased by Rs 6.30 or 10 per cent. Its shares shot up to Rs 70.60 from Rs 64.30.
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Interfaith exchanges and inter-religious dialogue to promote peace and coexistence were key aspects of the iDove in Sri Lanka programme. Over 300 youth across the country participated in this process, which encouraged youth leadership and creative means to promote harmony.
“Only when we relate to one another beyond the differences of religion and ethnicity or race, do we embrace our humanity”, remarked an iDove Youth Ambassador, as she and 80 other youth and civil society stakeholders gathered in Negombo, at the Goldi Sands Hotel, for the iDove Hybrid International Conference from 15-17 November. Young people from across 23 districts in Sri Lanka as well as from Uganda, the Philippines and Kenya, who are part of the iDove global network came together over two days to learn from each other and raise awareness on this important issue. Creative arts, a strategy for mediating complex topics and finding common ground, was also a primary feature at the conference, with guest performances from Power of Play, Ravibandhu Vidyapathi’s troupe and Naach Colombo.
During the conference, the Guest of Honour, the Deputy Head of Mission of the German Embassy in Sri Lanka, Olaf Malchow, stressed the need for youth initiatives for change, especially as global conflicts were increasing around the world. He observed how youth are often undermined and neglected and iDove in that way offered them the potential to be informed, stay actively engaged and share lessons learned and best practices and amplify each other’s voice for change.
The Interfaith Dialogue on Violent Extremism (iDove) approach was developed in 2017, to empower youth to promote inter-religious and cultural values and understanding in their communities. iDove was launched by the African Union Commission’s Directorate of Citizens and Diaspora Organizations (AUC-CIDO) and the Deutsche Geselleschaft für Internationale Zussamenarbeit (GIZ) GmbH, and was commissioned by the German Federal Ministry of Economic Cooperation with a view to foster innovative youth-based interventions using dialogue and soft skills to create agents of change for inter-religious coexistence and harmony in society. In Sri Lanka, this programme was implemented in partnership with National Fisheries Solidarity (NAFSO), National Peace Council (NPC) and Viluthu, three civil society organizations.
Since its inception in Sri Lanka from March 2022, iDove Ambassadors in the three civil society organizations have encouraged and motivated youth in 23 districts to engage in promoting harmony and coexistence with their wider communities, such as religious clergy, and government and non-government actors representing different faiths to come together and promote an appreciation for diversity and pluralism.
What began with 25 “iDovers” in a Training-of-Trainers programme on preventing violent extremism has grown to 300 iDove ambassadors. With new innovative ideas to prevent violent extremism in mind, the ambassadors designed creative interventions to foster community coexistence at the grassroots level such as charity drives, community mobilizing events, activities promoting intercultural understanding, intercultural exposure, and creative and gamified activities in 15 districts. Their community efforts engaged more than 3,000 people and the social media campaigns have reached an audience of 30,000 online.
The potential of iDove is significant. It has a unique way of focusing on peer-exchange and utilizes dialogue between people from different age, linguistic, ethnic and religious groups. This dialogue has helped youth share how many aspects of violence and exclusion affect our societies across continents in similar ways. In iDove, the particular emphasis on interfaith dialogue to bridge the gap between diverse communities is an attempt to, while promoting rights-based principles, recognize and appreciate pluralistic identities and provide effective tools with which people can engage with each other through peaceful means. “I had not thought extremist groups as different from religious groups before this. To me they were just an extension of the religion or race they fought in the name of- before being involved in iDove Sri Lanka. It is only after that I saw them as a distinct group that embraced violence and realized how I wrong I was in my thinking” explained a youth participant, “this needs to be understood more in our society- that is what we are working towards”.
The iDove Hybrid International Youth Conference platform is the start of more joint learning and exchange opportunities among young iDove Ambassadors from Asia, Africa and Europe. Many of the youth had already initiated many community initiatives and awareness programmes in their respective districts and hope to continue these efforts with the support of the civil society partners.
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by Hiran H. Senewiratne
The government should have a digitized information system to gather information on every local individual’s income and wealth, as in developed countries, to create an efficient and effective tax collection system, Professor of Economics, University of Colombo Sirimal Abeyratne said.
“The IMF bailout is not the only option but it will carry some positive results because it comes with around three or four billion dollars of financial assistance with a program, so that we have a commitment to follow it, Abeyratne told The Island Financial Review.
Abeyratne added: “There would be an improvement in the international perception about the Sri Lankan economy and its future if we adhere to the program. But on top of that, fiscal consolidation and managing the balance of the payments system are important factors at this juncture.
“While attracting foreign direct investments to the country, an effective tax collection method should be developed by setting up and introducing a stabilized information system in the country.
“At present although the total adult population of the country is between 10 million and 12 million, the number of tax files registered at the Inland Revenue Department is around 500,000, which incurs a loss of billion of rupees to government coffers.
“Around half of our taxes should come directly. Direct taxes are low because many people are not paying taxes due to the absence of a digitalized tax information system, to collect data on the income and wealth of every individual.
“The government or the tax authorities do not know people’s income levels. We haven’t established a proper system to get information about people’s income and wealth. If there is such a system many would find it difficult to explain the sources of their income and wealth and that might be the reason why there is no such system. Due to this the government cannot raise direct taxes and consequently the government resorts to more and more indirect taxes.
“The government should also find ways and means to cut down unnecessary government expenditure, which problem has also gone unaddressed by the relevant authorities. If the government does not address these issues soon we will not be able to face future economic challenges.”
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