The Colombo share market was positive on Friday with analysts saying that the previous Friday’s near 3 per cent fall was an ‘overkill’ and that traders have now factored the controversial super gain tax into their decisions.
They also caution that policy changes like this has dangerous, long term consequences for long term investments.
“The CSE took a while to adjust to the added political risk during the presidential elections, and now it may have to re-rate the new government’s gamble of short term fixes at the cost of long term sustainable growth,” an analyst said.
Traders laid their bets on high valued shares with the core All Share appreciating 1.61 per cent to close at 7,160.84 while the S&P SL index gained by 2.52 per cent to close at 3,950.94 points on a Rs. 2 billion in turnover.
Former Chairman of SriLankan Airlines, Nishantha Wickramasinghe, arrested on allegation of corruption by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) has been remanded until July 1 by the Colombo Magistrate court.
Deputy Minister of Finance and Economic Stabilization and NPP National List MP Harshana Suriyapperuma who is tipped to be named the next Finance Ministry Secretary resigned from Parliament today.
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