The Sri Lanka Stock market has seen a positive upward trend from last Friday, said MP Anura Priyadharshana Yapa.
He said that this started after removing Prime Minister Ranil Wickremesinghe last Friday.
Colombo Stock Exchange’s main index the All Share Price Index has gained 115 points or 2 percent, closing in the 6, 000 mark following the changes that took place in the country’s political landscape last Friday. On Monday too the stock market ended on a positive note, with the ASPI gaining 20.14 within the day to close at 5964.32 points, while the S&P SL 20 gained 24.61 points within the day to close at 3,083.20 at the end of trading. This is the third consecutive market day where both indices have made gains, since last Friday (26). The points gain recorded in the ASPI (29th) of 112.22 points, was the highest daily points improvement in the index since February 2015.
Speaking to Daily News Business he said this is a pleasing development and said that this is expected to continue.
Asked if the rupee depreciation has still not stopped he said that this too will stabilize soon.
“The New Finance Minister (and Prime Minister) Mahinda Rajapaksa was appointed only on Monday and it will take a short while to address it,” he added.
Yapa also said that they are seeking the advice and guidance of former Governors of Central Bank, Finance Ministry Secretaries and other experts to overcome this.
Globally the oil prices too have dipped and this would have a major positive impact not only on oil prices buy also on the depreciating rupee, as well.
Yapa also said that the raising of tax of luxury items have not had any impact on the economy. Asked if more taxes are to be implemented on luxury items he said this may not happen.
Yapa also disclosed that the much talked about fuel formula introduced by Former Finance Minister Mangala Samaraweera would be scraped from December 10.
Meanwhile asked to comment of adverse travel advisories imposed by EU, UK and USA he said that it was strange that neither a single Asian country nor any other European country came to issue such advisories. “This too would not have any impact on tourism.”Meanwhile the Market ended on a positive sentiment for the third consecutive day yesterday.ASPI witnessed an upward trend during the first half of the day reaching an intra day high of 6,001 followed by a continuous down trend reaching an intra day low of 5,958 and closing for the day at 5,964, gaining 20 points.
Both turnover and volume had dipped considerably compared to the previous day.
A net foreign outflow was witnessed with high foreign participation.
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