May 16, 2019

Sri Lanka regresses 7 years Featured

The benchmark stock index ended 0.45% weaker on Wednesday at 5,199.98, its lowest close since Aug. 30, 2012.

Meanwhile, yesterday alone the All Share Price Index (ASPI) fell by 23.71 points for the tenth straight session on Wednesday and closed at their lowest in nearly seven years.

Turnover was 388.6 million rupees ($2.21 million), less than this year’s daily average of around 555.9 million rupees. Last year’s daily average was 834 million rupees.

Meanwhile, Ranjith Withanage of the National Movement for the Protection of Consumer Rights said it was very suspicious that the government had only targeted the Tourism Industry in granting loan concessions.

It is the large scale businesses that are poised to gain from this move and so far the government has failed to estimate the damage caused by the attacks. The government has also not come up with a national plan to come out of this situation leading to suspicion that the government is continuously heading towards their petty motives.  

He noted that it was not only the tourism industry that was affected by this tragedy, adding that the whole economy was affected. He charged that the government’s decision to grant concessions only to the tourism sector raises suspicion that they are only paying attention to the large scale businesses which they have dealings with.

Withanage warned that by these decisions taken by politicians who have no understanding of the plight of the rest of the country, the country will invariably be dragged further into a rut.