Digging Art

Sri Lanka Stocks Rally as ASPI Surges 15% in 2024

The Sri Lankan stock market bounced back strongly in early 2024. The All Share Price Index (ASPI) jumped by 15%. This surge shows growing investor trust in the country’s economic stability.

The Colombo Stock Exchange (CSE) saw busy trading days. Daily turnover ranged from Rs. 3.3 billion to Rs. 5.3 billion. Nine straight positive sessions highlighted the market’s strong performance.

Stock Market Recovers, ASPI Gains 15% in First Half of 2024

The blue-chip S&P SL20 index also grew, rising 2.41% to 2,794.15 points. Better-than-expected company earnings fueled this growth. The nation’s economy looks promising, with GDP growth predicted to hit 2-3% by year-end.

Offboard deals on specific stocks made up 15% of total turnover. These deals involved companies like Watawala Plantations and Commercial Bank of Ceylon. This shows strong investor interest in these firms.

The bull market proves Sri Lanka’s economic resilience. It’s attracting both local and foreign investors. As the rally continues, it’s expected to boost overall economic growth.

Stock Market Recovers, ASPI Gains 15% in First Half of 2024

The Sri Lankan stock market has shown impressive growth in 2024’s first half. The All-Share Price Index (ASPI) jumped 15%, while the S&P 20 rose 19%. Lower inflation rates and interest rates have boosted investor confidence.

Inflation Eases and Interest Rates Decline, Boosting Investor Confidence

Falling inflation and interest rates have fueled the stock market’s recovery. Investors now feel more optimistic about listed companies’ future. Quarterly interest costs for core companies have dropped significantly since 2020.

Sri Lanka stock market performance

Foreign Inflows Contribute to Market Rally

Foreign portfolio investment has driven the market rally. As the economy improves, foreign investors have become net buyers. Completing external debt restructuring is vital for market sentiment.

Sticking to the IMF reform program is crucial for sustained growth. Any deviation may create uncertainty and discourage foreign investor participation.

Key Sectors Like Capital Goods and Diversified Financials Lead the Surge

Capital Goods and Diversified Financials sectors are leading the market recovery. These companies have reported strong earnings growth and improved profitability. The banking sector is expected to see a re-rating.

Core earnings will be driven by loan growth amid positive GDP expectations. Non-Banking Financial Institutions should benefit from the current declining interest rate cycle.

Sector	Allocation
Banks/NBFI	30%
Conglomerates	25%
Manufacturing	20%
Consumer	15%
Leisure	10%

Increased trading volume and investor participation have supported market growth. Small to mid-cap companies may outperform large caps due to falling fixed-income yields. CSE earnings are expected to grow by 15.0% in 2024.

The ASPI target is set at 13,800 levels by year-end. The Sri Lankan stock market is ready for further growth and recovery.

Factors Driving the Bull Market

Sri Lanka’s stock market bull run stems from improved economic outlook and investor sentiment. Successful debt restructuring talks led to an IMF agreement for a $2.90 billion Extended Fund Facility. This boosted investor confidence, showing the government’s commitment to economic reforms.

Government reforms and the IMF program have stabilized the macroeconomic environment. Inflation dropped to about 35% in April 2023 from over 70%. Market-based pricing for fuel and cooking gas has aided the economic turnaround.

Sri Lanka has made progress in overcoming its economic crisis. The tourism sector’s rebound has been a key factor in 2023’s economic growth.

Lower Inflation and Interest Rates Spark Multiple Expansion for Equities

Falling inflation and interest rates have fueled the Sri Lankan stock market bull run. Inflation is expected to hit single digits by Q3 2023. This has made investors more optimistic about the country’s economic future.

Lower interest rates have led to higher stock prices. Investors are willing to pay more due to improved earnings visibility. The Sri Lankan Rupee gained about 10% in February 2023 alone.

Successful Debt Restructuring Negotiations Improve Economic Outlook

Debt restructuring talks have been a game-changer for Sri Lanka’s economy. Foreign debt was 55% of total debt in early 2022. The IMF agreement and fiscal plans have greatly improved the economic outlook.

This has boosted various sectors, like Financial Services and Leisure. Maldivian Resorts and Colombo Hotels have performed well. The Group’s Bunkering business has seen higher profits from fuel prices and volumes.

Government Reforms and IMF Extended Fund Facility Program Support Recovery

Government reforms and the IMF program provide a strong base for Sri Lanka’s recovery. These measures address macroeconomic imbalances and set the stage for future growth. The Group reported 17% EBITDA growth to Rs.45.74 billion despite challenges.

The Supermarket business showed resilience with 45% EBITDA growth to Rs.7.46 billion. Ongoing reforms and fiscal discipline are expected to brighten economic prospects. This provides a solid foundation for the continuing bull market in Sri Lankan stocks.

Sri Lanka Parliament Dissolved, November Elections Set

A significant development has taken place in Sri Lanka, as announced by OMP Sri Lanka. The Dissolution of Parliament was officially declared. This event occurred just after midnight on September 24th, when the legislative body was dissolved by President Anura Kumara Dissanayake. This is a monumental decision in the country’s history. It paves the way for a crucial election on November 14.

After winning the presidency in an election with high voter turnout, President Dissanayake is moving forward with his agenda. He aims to tackle corruption and economic challenges. The announcement of the Election, after dissolving the parliament, is a key moment. It signals major policy changes and efforts to meet the International Monetary Fund (IMF) bailout terms.

Key Takeaways:

President Anura Kumara Dissanayake used his power to disband the Parliament. This marks a vital step for Sri Lanka’s governance.
The upcoming general election on November 14 is a pivotal time for the country’s future.
President Dissanayake’s election victory showed huge public support, marking a significant change from the 2019 results.
The previous administration’s economic problems and high inflation highlighted the public’s desire for change.
Ensuring stability and prosperity are priorities, with plans for tough anti-corruption actions and expanding social welfare.
Investors are cautious about the financial sustainability regarding the new economic policies announced.
The position of the Janatha Vimukti Peramuna in the assembly poses a hurdle to achieving majority representation.

President Dissanayake Dissolves Parliament, Calls for November Elections

In a bold move, President Anura Kumara Dissanayake of Sri Lanka has dissolved Parliament. This action marks a significant change in the country’s political scene. Based on Article 70 of the Sri Lankan Constitution and the Parliamentary Elections Act, the President made this decision. Now, Sri Lanka is set for early Elections, sooner than originally planned.

The Exercise of Constitutional Powers by President Anura Kumara Dissanayake

President Dissanayake used his Constitutional powers wisely and legally. By invoking Article 70, he ended the current Parliament’s session. His party had only three seats out of 225. This important step is expected to lead to major changes in Sri Lanka’s government.

Setting the Stage: Article 70, the Constitution and the Parliamentary Elections Act

Sri Lanka’s laws clearly lay out how to dissolve Parliament and organize new elections. The President has this power thanks to Article 70. The Parliamentary Elections Act gives details on election procedures. These rules ensure a fair and democratic election process in Sri Lanka.

Expected Political Realignments and Candidature Announcements

After President Dissanayake’s announcement, many political leaders are getting ready for the elections on November 14. For example, Mahinda Rajapaksa is adjusting his strategy anticipating how voters will react. Harini Amarasuriya, the new Prime Minister, is focusing on issues like youth development, child protection, and gender equality. Her approach could majorly affect the upcoming elections.

President Dissanayake’s decision to dissolve Parliament is stirring up Sri Lanka’s politics. As the country moves towards these important Elections, all eyes are on how these changes will influence Sri Lanka’s future.

Impact of Parliamentary Dissolution on Political Landscape

Sri Lanka’s political scene is changing with the Parliament’s dissolution. President Anura Kumara Dissanayake made this bold move. It shows his dedication to solving longstanding governance problems.

These challenges grew due to economic crises and ongoing instability. This step into a new phase shows hope for better governance.

Timeline of Events Leading to the Dissolution of Parliament

The journey to change began with the National People’s Power alliance’s (NPP) election success. Their rise was helped by the Janatha Aragalaya protests. People were upset with the old system. This led to calling for general elections.

These elections hinted at a major shift in electoral politics. A new chapter for the nation seemed ready to start.

Reactions from Political Parties and Government Officials

The reactions to the Parliament’s dissolution were mixed. Some were worried, while others supported it. Political parties and officials have been vocal about it.

This shows a change in the direction of Sri Lanka’s politics. Everyone is getting ready for the upcoming elections with great interest.

Projections: Shifts in the Balance of Power and Governance

Experts are watching how this will change governance. President Dissanayake is seen as a unique leader. His approach might shift power balances.

This change could bring needed reforms. Especially if it addresses economic and social issues. High voter support for Dissanayake suggests people want this change.

There’s hope for a governance that tackles problems head-on. With Dissanayake’s leadership, Sri Lanka could move towards stability and sustainable growth. This is an exciting time for the country.

Sri Lanka Hosts International Jazz Festival in Galle

Galle, a UNESCO World Heritage site, is hosting the International Jazz Festival. This event attracts jazz and blues fans worldwide. It showcases over 40 international and 50 Sri Lankan artists.

Sri Lanka Hosts International Jazz Festival in Galle

The Galle Jazz Festival lasts 12 hours, offering a full experience. Visitors can enjoy live music, great food, and fine wine. The atmosphere mirrors the lively streets of New Orleans.

The festival features famous international acts and talented local artists. This mix highlights the diversity of jazz and blues genres. The event is expected to draw many visitors to Galle.

Galle’s colonial architecture and seaside setting create a perfect backdrop. This world-class music festival boosts Galle’s status as a cultural hub. It cements the city’s reputation for hosting international events.

Key Takeaways

Galle, a UNESCO World Heritage site, hosts the International Jazz Festival
The festival features over 40 international and 50 Sri Lankan artists
The event spans 12 hours and includes live performances, food, and wine
The festival atmosphere is reminiscent of the lively streets of New Orleans
The event highlights Galle as a top tourist attraction and cultural hub in Sri Lanka

Galle Welcomes Global Jazz and Blues Artists

Galle is hosting a spectacular jazz festival featuring top international acts. The event showcases the vibrant Sri Lankan jazz scene. Mainstage Events organizes this celebration of world-class music in the picturesque coastal town.

Festival Attracts Top International Acts

The festival lineup includes renowned British acid jazz band Incognito, led by Bluey. Other global acts are Marco Mendoza, Holly Perkins and the Diablos, and the Kevin Davy quartet.

Mud Morganfield, son of Muddy Waters, will perform classic blues songs. His tribute album “For Pops: A Tribute To Muddy Waters” will be featured.

Local Jazz Scene Showcased Alongside Global Talent

Sri Lanka’s thriving jazz scene shares the stage with international artists. Local performers include Geoffrey Fernando of Purple Rain and Jerome Speldewinde. The jazz sextet Brown Sugar will also showcase their talent.

This blend of global and local talent highlights Sri Lanka’s rich musical heritage. It also shows the country’s growing prominence in the international jazz community.

The festival offers nearly ten hours of jazz daily at the iconic Galle Face Hotel. Day passes cost 5000 LKR, while weekend passes are 8000 LKR. For ticket information, contact Amrik at +94777397818.

Galle Fort Provides Stunning Backdrop for Festival

The historic Galle Fort hosts the International Jazz Festival in Sri Lanka. This UNESCO World Heritage site blends Portuguese and Dutch architecture. Its charm creates an unforgettable experience for festival-goers.

Galle attracts culturally curious and creative minds. The Galle Jazz Festival took place in November 2014. It featured classic and modern jazz from international and local acts.

The French quintet Olivier Franc and local band Noctua were among the performers. The festival showcases Galle’s rich heritage and multicultural influences.

Festival Boosts Galle’s Cultural and Tourist Appeal

The Galle Jazz Festival draws visitors from around the world. It highlights the city’s Dutch, Portuguese, British, and indigenous cultural mix. The event provides a stage for traditional and modern artistic expressions.

Event Highlights Sri Lanka’s Growing Jazz Scene

The festival spotlights Sri Lanka’s expanding jazz scene. It offers local artists chances to work with international performers. The event aims to bring fresh experiences to Sri Lankan arts and music.

The Galle hospitality industry thrives with events like the Jazz Festival. Visitors are drawn to iconic venues such as the Galle Fort Hotel. The Owl and the Pussycat hotel is known for its unique suites.

This hotel supports the arts through the Edward Lear Prize for Poetry. The prize is part of the Galle Literary Festival.

Festival Offers Unique Blend of Music, Food, and Culture

The International Jazz Festival in Galle, Sri Lanka, is a celebration of jazz and blues music. This event takes place at the historic Galle Fort. It offers a mix of music, food, and culture that draws visitors worldwide.

The festival features international and local jazz artists. It also includes a “Feastival” with specialty foods and drinks. Renowned chefs, wine, and champagne bars make it a culinary delight.

The event’s appeal goes beyond the stage with a homegrown design fair. Visitors can explore Sri Lankan art and crafts while enjoying music. This blend creates a unique atmosphere celebrating the region’s heritage and vibrancy.

The festival offers diverse experiences for music lovers, foodies, and culture fans. The stunning Galle Fort backdrop adds to its charm. It showcases the best of music, cuisine, and art in Sri Lanka.

As the festival grows, it continues to attract visitors seeking a unique cultural experience. It has become a premier event in Sri Lanka, offering something for everyone.

Sri Lankan Musicians Collaborate for Peace Concert Promoting Unity

Leading Sri Lankan musicians have united for a peace concert celebrating diversity. This event showcases music’s power to unite people. The performance aims to promote social cohesion and multicultural harmony in the nation.

The concert features artists from various musical backgrounds. It includes traditional Sri Lankan folk music, classical styles, and contemporary genres. This lineup highlights Sri Lanka’s rich cultural tapestry and the importance of embracing diversity.

Sri Lankan Musicians Collaborate for Peace Concert Promoting Unity

A special collaboration is one of the concert’s highlights. Renowned musician Sanka Dineth teams up with artists from India and Pakistan. They’ve composed a trilingual song in Sinhala, Tamil, and Hindi.

This song symbolizes music’s ability to transcend barriers. It promotes peace initiatives across borders. The concert showcases Sri Lankan musicians’ talent and serves as a platform for unity.

The event brings together artists from different communities. It celebrates a shared love for music and its ability to bridge divides. This concert contributes to building a more harmonious society in Sri Lanka.

Interfaith Music Initiatives Foster Harmony

Musicians and faith leaders unite to promote healing after Sri Lanka’s Easter bombings. They use interfaith music to bridge divides between communities. These initiatives aim to foster unity in the face of adversity.

Muslim Choral Ensemble Brings Together Diverse Faiths

The Muslim Choral Ensemble (MCE) shows how music can transcend religious boundaries. Founded by Haadia Galely and Prof. Andre de Quadros, it unites youth from various Muslim sects. MCE showcases the beauty of Islamic devotional music.

The ensemble has also welcomed Christian and Buddhist choristers. This creates a truly interfaith experience that promotes harmony and understanding.

Voices for Peace Concert Series Promotes Healing and Understanding

The Voices for Peace concert series uses music to promote healing. It features diverse faith-based choral ensembles. The series brings people together after the Easter bombings.

Through shared musical experiences, audiences find common ground. This helps build bridges between communities.

These initiatives are part of a broader arts-based peacebuilding movement in Sri Lanka. They showcase the country’s rich cultural heritage. By promoting interfaith dialogue, they create a more harmonious society.

As Sri Lanka heals from past wounds, music plays a vital role. It fosters unity and understanding among diverse communities.

Virtual Platforms Enable Cross-Cultural Collaborations

Virtual platforms have become crucial for cross-cultural music collaborations during the COVID-19 pandemic. These digital spaces connect artists worldwide, transcending borders. They showcase the unifying power of music through virtual platforms.

Guitar Fest Sri Lanka 2020 Unites Local and International Artists

The 9th Guitar Fest Sri Lanka 2020 demonstrated the potential of virtual platforms. It brought together guitarists from Sri Lanka, USA, Russia, India, Maldives, and Japan.

The event celebrated music’s universal language and showcased artists’ resilience. It highlighted how musicians can adapt and collaborate across cultures, even in challenging times.

Online Concerts Provide Access to Global Audiences

Online concerts have changed how people experience music. Fans worldwide can now enjoy performances from home with just a click.

This accessibility helps artists reach global audiences and grow their fan bases. It also creates a sense of international community among music lovers.

Lesser-known artists now have a platform to showcase their talent. This promotes diversity and inclusivity in the music industry.

Music Serves as a Bridge for Social Cohesion and Nation-Building

Sri Lanka’s music is a powerful tool for social cohesion. Its diverse landscape offers a rich tapestry of musical traditions. Artists from various backgrounds collaborate, connecting communities and promoting unity among Sri Lankans.

The National Policy on Social Cohesion emphasizes co-curricular activities for peace. Music initiatives align with this policy, bringing people together. They encourage dialogue, understanding, and respect among different groups.

Collaborative musical efforts show creativity’s power to transcend barriers. Artists demonstrate how music can build a more cohesive society. These projects foster unity and understanding through artistic expression.

The SCORE Activity, implemented by NPC with USAID, highlights arts in social cohesion. It empowered community groups across 10 districts in Sri Lanka. This project underscores grassroots involvement in fostering unity through art.

Collaborative Performances Showcase Rich Cultural Heritage

Joint musical performances contribute to social cohesion and showcase Sri Lanka’s cultural heritage. The country’s music scene reflects its people’s diversity. Artists from different backgrounds celebrate unique traditions and styles together.

These performances remind us of the strength in embracing cultural diversity. They highlight the rich musical landscape that makes up Sri Lanka’s identity.

The poultry industry has also supported Sri Lanka’s cultural heritage. It achieved self-sufficiency in chicken meat and egg production. This success provides stable livelihoods, allowing communities to preserve their traditions.

Music remains a unifying force in Sri Lanka’s journey to peace. Collaborative performances celebrate the nation’s rich culture. Artists and audiences contribute to social cohesion through music.

Through music, Sri Lankans can heal past wounds. They build a harmonious future for generations to come. Music’s power brings people together in lasting peace and prosperity.

Tourism Sector Rebounds Driving 2023 Economic Growth

Sri Lanka’s tourism industry is bouncing back in 2023, despite recent challenges. The sector employs nearly half a million people directly. It also supports millions more indirectly.

Recent data shows tourist arrivals more than doubled in 2022, reaching 1.5 million. Early signs suggest Sri Lanka may outpace the Maldives as a top destination.

International tourists are flocking to Sri Lanka’s natural beauty and rich culture. Domestic tourism is also on the rise. Locals are rediscovering their country’s wonders.

This boost in tourism, both international and domestic, is set to fuel Sri Lanka’s economic recovery. The hospitality sector’s growth is expected to play a key role in 2023.

Key Takeaways

Sri Lanka’s tourism sector is showing strong signs of recovery in 2023, despite recent challenges
Tourist arrivals more than doubled in 2022 compared to 2021, reaching 1.5 million
Sri Lanka is on track to surpass the Maldives as a top tourist destination in 2023
The travel industry revival is driven by both international tourism trends and a boost in domestic tourism
The hospitality sector growth is expected to contribute significantly to Sri Lanka’s economic recovery in 2023

Sri Lanka’s Tourism Industry Poised for Recovery

Sri Lanka’s tourism sector is bouncing back in 2023. Tourist arrivals and spending have increased significantly. From January to August, 904,318 visitors came, surpassing 2022’s total arrivals.

This surge has boosted the economy. Tourism receipts reached US$1,136.30 million in 2022. In the first half of 2023, they hit US$875 million. This economic impact is notable.

Increased Tourist Arrivals and Spending in 2023

Visitors from various regions are driving the recovery. Sri Lankan Airlines, Qatar Airways, and Emirates led market shares in 2022. This shows strong demand for travel to Sri Lanka.

The economy grew 5 percent in early 2024. This growth came from tourism-related services and industry. Construction and food manufacturing also contributed.

International Airlines Resume Operations to Sri Lanka

Many international airlines have resumed full-time operations to Sri Lanka. Qatar Airways, Singapore Airlines, and Emirates are back. Thai AirAsia, Air China, and Air France have started new routes.

This increased connectivity boosts tourist arrivals. It also creates more tourism employment opportunities.

Cruise Tourism Shows Promising Growth

Cruise tourism is gaining interest. Various cruise lines are choosing Sri Lanka as a destination. March 2024 is expected to be busy for cruise arrivals.

The industry’s recovery continues. The government and private sector focus on sustainable tourism. This approach aims to ensure long-term growth and development.

Tourism Sector Rebounds, Contributing to Economic Recovery in 2023

Sri Lanka’s tourism sector is bouncing back, fueling economic growth in 2023. It’s now the third largest foreign exchange earner, creating jobs and boosting the economy. In 2023, Sri Lanka welcomed 1,487,303 tourists, doubling the previous year’s numbers.

Europe and Asia-Pacific regions brought in most visitors. This aligns with global trends, as international tourism hit 88% of pre-pandemic levels. The World Tourism Organization expects full recovery by 2024.

Sri Lanka’s tourism outlook is promising. The government and businesses are investing in luxury hotels. They’re also promoting destinations to high-spending tourists from Europe and other regions.

These efforts aim to increase foreign exchange earnings. Tourism businesses keep most earnings within the country. This helps drive economic recovery and create jobs.

The sector shows resilience despite global economic challenges. Air passenger numbers and hotel occupancy are rising. This proves tourism’s potential to boost economic growth.

Sri Lanka continues to improve its tourism infrastructure. It’s also promoting unique attractions. These actions position tourism as a key player in the country’s economic recovery.

Government Initiatives and Private Sector Investments Fuel Tourism Growth

Sri Lanka’s government is offering beachfronts and islets for tourism development. They’re encouraging public-private partnerships to boost investment and expertise. This strategy aims to drive economic recovery through tourism infrastructure development.

Private investors are jumping into the resurgent tourism market. Hotelier Angeline Ondaatje is building luxury hotels for high-end European travelers. These hotels focus on Buddhist spirituality and Ayurvedic medicine.

Experts suggest the Tourism Board launch targeted marketing campaigns in Europe. They should highlight Sri Lanka’s unique attractions. These include world-class surfing at Arugam Bay and abundant wildlife sanctuaries.

Sri Lanka’s tourism sector is ready for a strong comeback. The country can use its natural and cultural assets to boost the economy. This growth can create new opportunities across the island nation.