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Rise and Fall of the Colombo Stock Market in 2023

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God Father

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Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Rise and Fall of the Colombo Stock Market in 2023 Scree391

Colombo Stock Market, All Share Price Index (ASPI) is currently heading downwards after reaching the peak of ASPI 11,724 on 8th August 2023. As can be seen from the above chart, Colombo Stock Market has taken a significant dive by shedding more than 1,000 points (10%) of its previous gains during the 2H2023. Market is currently fluctuating between ASPI 10,500-10,900 level since October 2023 whilst falling to ASPI 10,471 on 28th November 2023 lowest for 2H2023. Colombo Stock Market recorded low of ASPI 8,262 on 13th January 2023 and gained more than 30% during the 1H2023. According to the current trend the stock market is expected to fall below the ASPI 10,000 levels in 2024.

https://www.srilankachronicle.com/t63135-colombo-stock-market-yet-another-opportunity-to-exit-profit

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Post Wed Dec 20, 2023 9:27 pm by God Father

Rise and Fall of the Colombo Stock Market in 2023 Gbpunw10

Sri Lanka’s Value Added Tax (VAT) increase to 18% from January 2024 onwards along with reduction of VAT threshold to Rs. 60 million and removal of VAT exemptions from 97 items out of 138 goods is expected to increase the inflation by 2.5%, State Minister of Finance Ranjith Siyambalapitiya said.

Siyambalapitiya said that with the expected increase in inflation by 2.5%, the inflation will surpass the CBSL target of 5% as inflation in November stood at 3.4%.

The Budget 2024 said that the VAT rate will be increased up to 18% in January 2024 along with elimination of VAT exemptions other than for products relating to health, education, and a few essential foods. This brings Sri Lanka in line with regional peers including India and Pakistan, in terms of standard VAT rate.

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