Tax Hike Dampens Investor Sentiments at the CSE
Posted 1,June

By Chehan Jayasuriya

In Local News

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Sri Lankan stocks declined on Wednesday as tax hikes dampened investor sentiments.

The All Share Price Index (ASPI) at the Colombo Stock Exchange (CSE) slipped 43.40 points to close at 8,064.69 points, while the S&P SL20 lost0.89% or 23.95 to close at 2,655.38 points. Day’s turnover was Rs. 1.2 billion, less than half of this year’s daily average of Rs. 3.9 billion.

“The market is moving on the same sentiment, they didn’t react much today for tax hike because they are waiting for the rest of the taxes,” a top market analyst said.

Further dampening investor sentiment were concerns regarding the 21st amendment.

Expolanka, Commercial Bank, and DFCC Bank dragged the indices down on Wednesday. Expolanka dropped 2.54% to Rs. 210.7 a share, Commercial Bank lost 1.30% to Rs. 53.2 a share while DFCC bank lost 5% to Rs. 36.10 a share.