Sri Lanka stocks hit an all time high with the benchmark Colombo All Share index closing at 3,188.8 points, topping a previous peak of 3,139.7 points reached on October 13, the Colombo Stock Exchange said.
So far this year stocks are up 112 percent. The Milanka index of liquid stocks, which closed at 3,630.5
points, is up 122 percent.The latest high came as the government's statistics office said Sri Lanka's economy expanded 4.2 percent in the.' third quarter, boosted by peace, tourism and domestic retail trade growth.
Sri Lanka defeated Tamil Tiger separatists in May ending a 30-year conflict. Sri Lanka's Central Bank has also kept inflation low this year, but fiscal policy has deteriorated further in recent weeks ahead of elections in January.
Part of the economic growth came from new recruitments to the state. Under international national income accounting methods the state salary bill is considered 'gross domestic product.'
The opposition candidate for the presidency, Sarath Fonseka, a general who led the military campaign against the Tigers has promised a 10,000 rupee salary hike for state workers.
Sri Lanka has 1.3 million state workers and already more than half the taxes collected from the people are given to them as salaries and pensions.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.