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Gains in the Bourse

Jun 2, 2010 3:56:36 AM - itnnews.lk

Sri Lankan shares have gained as the Government slashed several taxes on imports including 50 percent for motor vehicles, while the rupee closed flat as demand was offset by supply in heavy trade.

The All-Share Price Index yesterday closed 21.64 points, or 0.51 percent, firmer at 4,258.80. It hit a record of 4,281.97 on May 21st. The market is up 25.8 percent so far in 2010, making it Asia’s best performer. Bourse data showed that heavy retail buying has driven the Stock Market’s price-to-earnings ratio to 21.03, compared with about 11 a year ago, when the country ended the war.

The Government slashed tax on imports and simplified its tax system to widen the country’s tax structure and boost revenue, which may help cut its budget deficit and continue an IMF loan. The day’s turnover was 1.2 billion rupees, twice of the 2009 daily average turnover of 593.6 million rupees.