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Marvin Silva said this to media

19 March 2016


Lanka shares fall from two-week high on tax, economic woes

Sri Lankan shares fell on Friday after two sessions of gains as uncertainty over a capital gain tax, higher budget deficit and economic growth weighed on investor sentiment.   The benchmark share index was down 0.21 percent, or 12.91 points, at 6,055.26 at 0805 GMT; while previous session’s close of 6068.17 was highest since March 3.   Sri Lanka will raise its value-added tax and reintroduce capital gain tax to break out of a debt trap, ahead of talks on a $1.5-billion loan it is seeking from the International Monetary Fund.   “There isn’t much information on capital gain tax, though the government said it will reintroduce it. There is an uncertainty on the capital tax percentage. Investors are waiting to know more,” said Prashan Fernando, COO, Acuity Stockbrokers.   Investors preferred fixed-interest-rate-bearing assets over shares due to a rise in yields on treasury bills, which are hovering at two-year highs, and on the central bank’s unexpected interest rate hike in mid February, dealers said.   Sri Lanka’s economy is expected to grow 5.3 percent in 2016, data from the state statistics office showed, but analysts say tight monetary and fiscal policies may curb its growth. - See more at: http://www.adaderana.lk/news/34602/sri-lanka-shares-fall-from-two-week-high-on-tax-economic-woes#sthash.ek3jLqWr.dpuf

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