Thursday July 9, 2026 4:04 pm ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed down on Thursday, CSE data showed, with the benchmark All Share Price Index moving down 0.60 percent. “Sentiment has been really bad after the war in the Middle East started escalating dramatic…
Thursday July 9, 2026 4:04 pm
ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed down on Thursday, CSE data showed, with the benchmark All Share Price Index moving down 0.60 percent. “Sentiment has been really bad after the war in the Middle East started escalating dramatically,” Raynal Wickremeratne, Head of Research and Strategy at NDB Securities, said. “No major catalyst to suggest a recovery in some other form.” The ASPI was down 130.78 points at 21,697.72, while the more liquid S&P SL20 was down 0.59 percent, or 36.28 points, at 6,063.24. “Because of global instability there’s a slowdown in the markets, and investors must look for companies with very specific changes instead of an overall position,” Wickremeratne said. Positive contributors to the ASPI were Seylan Bank (up 1.50 percent at 101.50 rupees), Lanka IOC (up 0.89 percent at 141.25 rupees), and Malwatte Valley Plantations (up 4.36 percent at 57.40 rupees). Commercial Bank of Ceylon (down 0.85 percent at 205.25 rupees), Melstacorp (down 0.93 percent at 186.00 rupees), Lion Brewery (Ceylon) (down 4.31 percent at 1,727.25 rupees), and Hayleys (down 1.07 percent at 231.50 rupees) were top negative contributors. Market turnover was 1.44 billion rupees. Capital goods led turnover with 539.1 million rupees. “November elections in the US are what people are looking for plus our budget,” Wickremeratne added. Vidullanka authorized a first dividend distribution of 0.20 rupees per share (gross dividend subject to withholding tax) for its shareholders. The dividend distribution does not require shareholder approval and is scheduled to be dispatched on or before August 7, 2026. (Colombo/July09/2026)
Thursday July 9, 2026 3:11 pm
Thursday July 9, 2026 3:11 pm
ECONOMYNEXT – Sri Lanka’s Parliament has approved a resolution under the Customs Ordinance and two orders under the Sri Lanka Export Development Act, officially enacting a tariff overhaul aimed at streamlining and liberalizing its trade regime. Lawmakers green lighted to the Resolution under the Customs Ordinance (Chapter 235) published in Extraordinary Gazette No. 2478/03. Parliament also approved two orders targeting para-tariffs published in Extraordinary Gazette Nos. 2478/04 and 2479/38 under the Sri Lanka Export Development Act. The tariff adjustments had already delivered in terms of government revenue, Deputy Minister of Economic Development Nishantha Jayaweera told parliament, with customs import duty revenue from April 1 to May 15 rising to 39 billion rupees in 2026, from 24 billion rupees during the same period in 2025. The revenue surge follows the implementation of a new four-tier National Tariff Policy on April 1, which replaced the previous three-tier system of 0%, 15%, and 20%. The updated framework structures import duties into four bands of 0%, 10%, 20%, and 30%, aligned with the UN Broad Economic Categories (Revision 5). A total of 8,225 HS Codes are subject to this overhaul. Under the new allocations, 3,056 codes (essential goods, medicines, and machinery) drop to 0%, 406 codes (basic industrial and intermediate goods) are taxed at 10%, 2,195 codes are fixed at 20%, and 582 codes (luxury and domestically manufacturable items) face a 30% rate. Mixed rates apply to 411 codes, while 875 codes under specific rates remain unchanged. “Simplifying our tax policy is a primary goal. This will improve transparency and eliminate para-tariffs, which have been a major barrier when entering into international trade agreements,” Jayaweera said. Alongside the tariff adjustments, the government is phasing out the CESS duty across four stages to eliminate para-tariffs by 2029. While 37 HS Codes face newly introduced CESS duties, 17 codes for edible oils saw their CESS removed entirely. The phase-out will hit five categories. For 46 economic-rate HS Codes, CESS is entirely abolished in 2026. For 693 intermediate and capital goods codes, the levy drops by 50% in 2026, and 25% each in 2027 and 2028. 107 specific codes will see CESS phased out by 25% in 2027, 25% in 2028, and 50% in 2029. Additionally, CESS on 265 textile codes is removed in 2026 alongside a new import VAT, while 1,523 consumer goods will see CESS fully eliminated by 2029. “The removal of CESS duties on intermediate goods will directly lower raw material costs. This will open a favorable export market for our local entrepreneurs,” Jayaweera said. (Colombo/July09/2026)
Thursday July 9, 2026 2:09 pm
Thursday July 9, 2026 2:09 pm
ECONOMYNEXT – Sri Lanka’s Hambantota International Port (HIP) has recorded its highest-ever monthly throughput for both roll-on/roll-off (RoRo) and container operations in June 2026, driven by regional shipping disruptions and capacity expansions. The port handled 90,219 vehicles and 80,325 twenty-foot equivalent units (TEUs) during the month, Hambantota International Port Group said. “June’s performance demonstrates the importance of anticipating change and being ready when customers need alternatives,” Wilson Qu, Chief Executive, Hambantota International Port Group (HIPG) said. Officials attributed the volume surge to early operational planning triggered by rising security uncertainties around the Strait of Hormuz in West Asia. Shipping lines seeking alternative networks shifted cargo to the southern Sri Lankan port, which sits 10 nautical miles off the main East-West sea lane. The June milestone follows expansion at the facility. In 2025, HIP’s total cargo throughput rose 175 percent year-on-year to 8.24 million metric tonnes. Container volumes grew to 428,036 TEUs in 2025, up from 53,169 TEUs in 2024. To accommodate the shifting trade flows, the port recently doubled its RoRo yard capacity and expanded its container yard space by 30 percent. HIPG has also committed 108 million USD for new container handling equipment, aiming to lift its annual container terminal capacity to 2 million TEUs. The port’s container segment has seen consecutive volume spikes this year. In April 2026, HIP recorded its highest single-vessel container throughput, handling 13,260 TEUs on the MSC Marie Leslie. Operated as a public-private partnership, HIP manages diversified marine operations including RoRo, containers, bulk cargo, energy, and ancillary marine services. (Colombo/July09/2026)
Sports Minister Sunil Gamage, Tony Prasanna (Coach), Rumesh Tharanga Pathirage, Iranga Cooray (Director, Access Solar), Mangala Perera (COO, Access Real Estate); and Theo Fernando (Managing Director of Access Solar & Access Real Estate)
Thursday July 9, 2026 1:30 pm
Thursday July 9, 2026 1:30 pm
ECONOMYNEXT – Access Solar and Access Real Estate/Residencies have made javelin thrower Rumesh Tharanga their corporate brand ambassador in a sponsorship which will provide financial and logistical backing in the run-up to the 2028 Olympic Games. The partnership will also cover financial and logistical backing for his coach, the companies said. “This corporate alliance aims to elevate Sri Lankan sports on the global stage while underscoring the vital connection between corporate backing and athletic excellence.” Tharanga is the first Sri Lankan male javelin thrower to reach the finals of the World Athletics Championships. “My final target is the 2028 Olympic Games. Before that, I will focus on the 2026 Commonwealth Games and the Asian Games,” Tharanga said. Property developer Access Real Estate and renewable energy firm Access Solar are subsidiaries of the Access Group of Companies.
Thursday July 9, 2026 12:45 pm
Thursday July 9, 2026 12:45 pm
ECONOMYNEXT – Sri Lanka will begin paddy procurement for the 2026 Yala season from July 15, with the Treasury allocating 6 billion rupees and another 10 billion rupees through state banks as Odapana loans, the president’s media has said. President’s Secretary Dr Nandika Kumanayake has asked officials to clear existing paddy stocks in warehouses, in coordination with Sathosa, to receive the new harvest. The Paddy Marketing Board currently holds approximately 120,000 metric tonnes of paddy in its warehouses, according to the PMD statement. “Of this, tenders have been called to release around 60,000 metric tonnes to the market, while steps have already been taken to supply a further 20,000 metric tonnes to Sathosa.” Around 475,000 hectares of paddy land had been cultivated during this Yala season, a meeting chaired by Kumanayake and attended by the Agriculture Ministry Secretary D P Wickramasinghe was told. Wickramasinghe claimed that farmers are waiting for the Paddy Marketing Board to begin purchasing paddy before selling their harvest. The meeting also discussed obtaining additional storage facilities from government institutions, including cooperative societies and the Department of Agrarian Development, as well as leasing warehouses from the private sector. (Colombo/Jul9/2026)
Thursday July 9, 2026 11:27 am
Thursday July 9, 2026 11:27 am
ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange was trending down midday Thursday, CSE data showed, with the benchmark All Share Price Index moving down 0.49 percent. The ASPI was down 107.58 points at 21,720.92, while the more liquid S&P SL20 was up 0.38 percent, or 23.19 points, at 6,076.33. Positive contributors to the ASPI were Dialog Axiata (up 0.91 percent at 44.40 rupees), Seylan Bank (up 1.00 percent at 101.00 rupees), and Malwatte Valley Plantations (up 4.36 percent at 57.40 rupees). Melstacorp (down 0.80 percent at 186.25 rupees), Greg (down 6.57 percent at 37.00 rupees), Richard Pieris and Company (down 0.32 percent at 30.90 rupees), and Hatton National Bank (down 0.25 percent at 395.00 rupees) were top negative contributors. Market turnover was 503.2 million rupees. Food, Beverage & Tobacco led turnover with 137.6 million rupees. HNB Finance listed 381,667,019 new ordinary voting shares from its rights issue, and 80,072,222 non-voting shares. (Colombo/July09/2026)
Thursday July 9, 2026 11:03 am
Thursday July 9, 2026 11:03 am
ECONOMYNEXT – Sri Lanka’s government has decided to reopen the Bogambara Prison, one of the oldest prisons built in the colonial era and slated for a tourist project, for incarcerations following the deadly Negombo prison riot, according to a gazette published on July 8. Sri Lanka’s overcrowded prison situation has been exacerbated by a government flagship project seeking to crackdown on drugs, which has led to more arrests but fewer trials due to delays within the justice system, and a backlog in receiving forensic reports due to a shortage in government analysts. The Negombo prison riot death toll stands at 28, including 8 prison officers. The prison system is currently operating around 300% over-capacity, holding around 41,000 inmates against a designed capacity of roughly 10,500-11,000, Minister Nalinda Jayatissa said. “Recently, due to the nationwide drug eradication operations being implemented and arrests being made while enforcing the law, this number has escalated further to 41,000 as of today.” The Old Bogambara Prison, which was the second largest maximum security prison in Sri Lanka, was shut down in 2014 and converted to a cultural park in 2018. Plans to transform the jail into a multi-use building with some cells and rooms turned into shops, some into shared workspaces and some turned into hotel accommodation, failed due a lack of investors. The premises were refurbished at the Urban Development Authority’s expense with the intention of making it an attractive tourist destination. (Colombo/July09/2026)